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Can you summarize MTCO 32-1-414?

Operation and Regulation > No certificate of deposit to issue for borrowed money

Short Summary

No bank shall issue its certificate of deposit for the purpose of borrowing money or make partial payments upon any certificate of deposit. History: En. Sec. 111, Ch. 89, L. 1927; re-en. Sec. 6014.122, R.C.M. 1935; R.C.M. 1947, 5-1038.

Jurisdiction

Montana

Source
MTCO 32-1-414 [https://reggi.cloud.regology.com/regulations/US-MTCO/US-MTCO_T_32_C_1_P_4_S_414]