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This is an obsolete version of the rule. Please click on the rule number to view the current version.

42.4.2703    ELIGIBILITY REQUIREMENTS TO HOLD A QUALIFIED ENDOWMENT

(1) To hold a qualified endowment an organization must be:

(a) incorporated or otherwise formed under the laws of Montana and exempt from federal income tax under 26 USC 501(c)(3); or

(b) a bank or trust company, as defined in 15-30-2327, MCA, holding an endowment fund on behalf of a Montana or foreign 501 (3)(c) organization.

History: 15-30-2620, 15-31-501, MCA; IMP, 15-30-2327, 15-30-2329, 15-31-161, 15-31-162, 90-6-133, MCA; NEW, 1998 MAR p. 1004, Eff. 4/17/98; AMD and TRANS, from ARM 42.15.513, 2004 MAR p. 1965, Eff. 8/20/04; AMD, 2010 MAR p. 1209, Eff. 5/14/10.

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