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Can you summarize MTAR 2.59, Subchapter 16?
BANKING AND FINANCIAL INSTITUTIONS > Approved Investments
Short Summary
The provided legal document content outlines the approved investment options for banks in the state of Montana. It specifies that banks are allowed to invest without any dollar limit in certain securities, such as general services administration participation certificates, maritime administration bonds and notes, and Washington metropolitan area transit authority bonds. Additionally, banks are limited to investing 50% of their capital and surplus in securities such as Asian development bank bonds and notes, financing corporation bonds, Inter-American development bank bonds, resolution funding corporation bonds, Tennessee valley authority bonds, and world bank bonds and notes. The document also provides guidelines for banks to invest in general obligations of any state within the United States, revenue bonds issued by the state of Montana or its political subdivisions, revenue bonds issued by other states or their political subdivisions, and industrial development revenue obligations issued by a political subdivision of the state of Montana. Furthermore, the document governs the investment activities of banks in mutual funds, U.S. Treasury securities, and U.S. government agency issues. It specifies the types of mutual funds that banks can invest in, the requirements for investing in U.S. Treasury securities and U.S. government agency issues, and the absence of dollar limits for certain securities. The document also covers the approved investments for state-chartered banks, including corporate bonds that meet certain criteria. Overall, the document provides banks with the necessary information and limitations for making informed investment decisions within the state of Montana.
Whom does it apply to?
Banks in the state of Montana
What does it govern?
Approved investment options for banks in the state of Montana
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Montana