Montana Code 32-2-818. Requirements of state mutual association
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32-2-818. Requirements of state mutual association. A mutual association must have its qualified thrift investments:
Terms Used In Montana Code 32-2-818
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Mutual association: means any corporation that has been incorporated to conduct the business of receiving money on deposit from its members and making substantially all of its loans on one-to-four family real estate mortgage security. See Montana Code 32-2-603
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(1)equal or exceed 50% of its portfolio assets; and
(2)continue to equal or exceed 50% of its assets on a monthly average basis in 9 out of every 12 months.