Montana Code 32-3-212. Involuntary merger
32-3-212. Involuntary merger. The department of administration may initiate the involuntary merger of a credit union that is insolvent or in danger of insolvency with any other credit union or may authorize a credit union to purchase any of the assets of or assume any of the liabilities of any other credit union that is insolvent or in danger of insolvency if the department is satisfied that:
Terms Used In Montana Code 32-3-212
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(1)an emergency requiring expeditious action exists with respect to a credit union that is insolvent or in danger of insolvency;
(2)other alternatives are not reasonably available; and
(3)the public interest would best be served by approval of the merger, purchase, or assumption.