Montana Code 32-2-906. Issuance of capital certificates
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32-2-906. Issuance of capital certificates. A mutual association may issue mutual capital certificates as allowed by federal law.
Terms Used In Montana Code 32-2-906
- Capital: means , with respect to a mutual association:
(a)retained earnings; or
(b)at the discretion of the commissioner, any other form of capital, subject to any applicable federal and state laws. See Montana Code 32-2-603
- 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