32-1-511. Bank may be placed in department's possession, MCA
  1. MCA Contents
  2. TITLE 32
  3. CHAPTER 1
  4. Part 5
  5. 32-1-511 Bank may be placed in department's possession

Montana Code Annotated 2017

TITLE 32. FINANCIAL INSTITUTIONS

CHAPTER 1. BANKS AND TRUST COMPANIES

Part 5. Dissolution, Closing, and Liquidation

Bank May Be Placed In Department's Possession

32-1-511. Bank may be placed in department's possession. A bank may place its affairs and assets under the control and in the possession of the department by posting a notice on the front door of the bank indicating that it is in the possession of the department. The notice shall be signed by a majority of the directors in office of the bank. Immediately upon the posting of the notice by a bank, it shall notify the department of its action.

History: En. Sec. 123, Ch. 89, L. 1927; re-en. Sec. 6014.133, R.C.M. 1935; amd. Sec. 45, Ch. 431, L. 1975; R.C.M. 1947, 5-1103.