2.60.302    MANAGEMENT OF PROPOSED BANK

(1) To establish reasonable assurance that the bank will be safely and soundly operated as required by 32-1-203 , MCA, and recognizing that the ultimate responsibility for management of a bank reposes in its board of directors, the banking board will not order the commissioner of banking and financial institutions to issue a certificate of authority to a proposed bank if the board finds that any one or more of the proposed directors of the new bank has questionable moral character or lack of financial integrity and, therefore, does not command the confidence of the community in which the proposed bank is to be located.

(2) In the event that the application for a state bank charter does not include the name and qualifications of the proposed managing officer, the board will direct that if a charter is to be issued for the proposed bank it shall be conditioned upon the submission of the name and qualifications of a proposed managing officer to the division of banking and financial institutions at least 60 days prior to the opening of the bank and that the division of banking and financial institutions find said proposed managing officer unobjectionable.

History: Sec. 32-1-203, MCA; IMP, Sec. 32-1-203, MCA; Eff. 12/6/73; AMD, Eff. 4/4/77; AMD, 1994 MAR p. 1146, Eff. 4/29/94; TRANS, from Commerce, 2001 MAR p. 1181.