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Montana Title 32. Financial Institutions § 32-1-301. Organization and incorporation--articles of incorporation

Current as of January 01, 2024 | Updated by Findlaw Staff

(1) A person desiring to organize a banking corporation shall make and file articles of incorporation with the department and, on approval by the department, the department may file the articles with the secretary of state as provided in Title 35, chapter 14. The articles of incorporation must set forth:

(a) the information required by 35-14-202(1);

(b) the name of the city or town and county in which the principal office of the corporation is to be located;

(c) the names and places of residence of the initial shareholders and the number of shares subscribed by each;

(d) the number of the board of directors and the names of those initially agreed on; and

(e) the purpose for which the banking corporation is formed, which may be set forth by the use of the general terms defined in this chapter, with reference to each line of business in which the proposed corporation desires to engage.

(2) In addition to provisions required in subsection (1), the articles of incorporation may also contain provisions set forth in 35-14-202(2).

(3) A banking corporation may not adopt or use the name of any other banking corporation or association, and the corporation name must comply with 35-14-401(2) through (4).

(4) A banking corporation may not be organized or incorporated until the articles of incorporation have been submitted to and have been approved by the department and until it has obtained a certificate from the department authorizing the proposed corporation to transact the business specified in the articles of incorporation within this state.

(5) A banking corporation may not amend or restate its articles of incorporation until its articles of amendment or articles of restatement have been submitted to and have been approved by the department and until it has obtained approval from the department authorizing the proposed amendment or restatement.

(6) For banks organized before October 1, 1993, articles of agreement are considered articles of incorporation.

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Cite this article: FindLaw.com - Montana Title 32. Financial Institutions § 32-1-301. Organization and incorporation--articles of incorporation - last updated January 01, 2024 | https://codes.findlaw.com/mt/title-32-financial-institutions/mt-st-32-1-301/

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