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Current as of January 01, 2024 | Updated by Findlaw Staff
(1) The selling and purchasing mutual associations shall enter into an agreement that must contain:
(a) all of the terms and conditions of the sale;
(b) proper provision for the assumption, payment, transfer, or retention of all of the liabilities of the selling mutual association as to the branch assets and business sold; and
(c) proper provision for the assumption, payment, transfer, or retention of the purchasing mutual association of all fiduciary obligations of the branch or branch business sold.
(2) The agreement for purchase and sale of a state mutual association must be authorized and approved by the department. The agreement of purchase and sale of a national savings association must be in accordance with the laws applicable to national savings associations.
Cite this article: FindLaw.com - Montana Title 32. Financial Institutions § 32-2-831. Agreement of purchase and sale - last updated January 01, 2024 | https://codes.findlaw.com/mt/title-32-financial-institutions/mt-st-32-2-831/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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