2.60.901    STATE BANK ORGANIZED FOR PURPOSE OF BEING A SHELL BANK

(1) If a shell bank is being organized for the purpose of acquiring control of or acquiring all or substantially all of the assets of an existing bank or savings association, the organizers shall comply with 32-1-202 through 32-1-206 and 32-1-301 through 32-1-307, MCA, and the rules adopted thereunder.

(2) An application for a shell bank organized solely for the purpose of merging with an existing bank or savings association is governed by this subchapter.

(3) A shell bank organized solely for the purpose of merging with an existing bank or savings association is referred to as an interim bank in this subchapter. An interim bank has no authority to conduct a banking business until merged with an existing bank or savings association.

(4) The provisions of this subchapter do not apply to a state bank organized for the purpose of assuming deposit liabilities of any closed bank governed by ARM 2.60.501.

History: 32-1-218, MCA; IMP, 32-1-109, 32-1-204, 32-1-218, MCA; NEW, 2013 MAR p. 1818, Eff. 10/18/13.