2.60.904    DECISION OF STATE BANKING BOARD; INCORPORATION

(1) Approval of an application for an interim bank certificate of authority under this rule will be accomplished through a telephone conference call with a quorum of the board participating.

(2) The provisions of ARM 2.60.202 and 2.60.204(1) and (2) apply to an application for an interim bank certificate of authority.

(3) Within two weeks after the conclusion of the hearing before the State Banking Board, the State Banking Board shall issue a decision as to whether to approve the application for the interim bank. This two-week period may be extended by two additional weeks if the State Banking Board or the department requires more time or information.

(4) The receipt and approval of the information in ARM 2.60.902 and 2.60.903 constitute sufficient authority for the State Banking Board to approve the issuance of a certificate of authorization to the interim bank.

(5) The State Banking Board may require additional information as it sees fit from an applicant before approving the application.

(6) The State Banking Board's approval shall be specifically conditioned on:

(a) the commissioner's approval of the subsequent merger; and

(b) the new institution being accepted for deposit insurance by the Federal Deposit Insurance Corporation.

(7) Upon the State Banking Board's approval of the interim bank application, the incorporator shall take the necessary steps to conform the articles of incorporation and by-laws to the requirements of the State Banking Board. The commissioner shall approve the articles and the department shall then file the necessary documents with the Secretary of State.

History: 32-1-218, MCA; IMP, 32-1-109, 32-1-202, 32-1-204, 32-1-205, 32-1-218, 32-1-302, MCA; NEW, 2013 MAR p. 1818, Eff. 10/18/13; AMD, 2017 MAR p. 486, Eff. 4/29/17.