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Can you summarize MTCO Title 32, Chapter 1?
FINANCIAL INSTITUTIONS > BANKS AND TRUST COMPANIES
Short Summary
The legal documents provided cover various aspects of the appointment and role of foreign trust companies in Montana, the removal of directors or officers of financial institutions, the transfer of fiduciary relationships from affiliated banks to subsidiary trust companies, the governance and operations of banking institutions, the Department of Financial Institutions, and the FDIC in Montana, the dissolution, closing, and liquidation of banks and trust companies, the establishment and administration of common trust funds by banks and trust companies, the operation and regulation of student financial institutions, the acquisition, control, formation, reorganization, merger, conversion, establishment, operation, incorporation, and management of banks in Montana, and the prevention of financial exploitation by third parties against older persons or persons with developmental disabilities. These documents apply to various entities, including foreign trust companies, residents of Montana, corporations with principal offices in Montana, political entities located in Montana, individuals charged with a felony involving dishonesty or breach of trust, banking or trust associations or corporations organized under Montana laws, national banking associations with principal offices in Montana, affiliated banks, subsidiary trust companies, the Department of Financial Institutions, the FDIC, officers, directors, employees, stockholders, conservators, liquidators, individuals authorized to make statements or reports, applicants for new bank certificates of authorization, and existing banks located within 100 miles of the proposed location. Specific exemptions or penalties for non-compliance are not mentioned in these documents.
Whom does it apply to?
Foreign trust companies, residents of Montana, corporations with principal offices in Montana, political entities located in Montana, individuals charged with a felony involving dishonesty or breach of trust, banking or trust associations or corporations organized under Montana laws, national banking associations with principal offices in Montana, affiliated banks, subsidiary trust companies, the Department of Financial Institutions, the FDIC, officers, directors, employees, stockholders, conservators, liquidators, individuals authorized to make statements or reports, applicants for new bank certificates of authorization, and existing banks located within 100 miles of the proposed location.
What does it govern?
The legal document governs the appointment and role of foreign trust companies in the state of Montana, the removal of directors or officers of financial institutions, the transfer of fiduciary relationships from affiliated banks to subsidiary trust companies, the governance and operations of banking institutions, the Department of Financial Institutions, and the Federal Deposit Insurance Corporation (FDIC) in Montana, the dissolution, closing, and liquidation of banks and trust companies, the establishment and administration of common trust funds by banks and trust companies, the operation and regulation of student financial institutions, the acquisition, control, formation, reorganization, merger, conversion, establishment, operation, incorporation, and management of banks in Montana, and the prevention of financial exploitation by third parties against older persons or persons with developmental disabilities.
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
Specific penalties for non-compliance or violation of the document's provisions are not mentioned.
Jurisdiction
Montana