2.59.2306 DECISION OF DEPARTMENT; INCORPORATION

1. (1) The department’s approval of a shell bank must be specifically conditioned on:

   1. (a) the department's approval of the subsequent merger; and
   2. (b) the resulting bank being accepted for deposit insurance by the Federal Deposit Insurance Corporation, or providing satisfactory assurance from the Federal Deposit Insurance Corporation that the resulting bank will be accepted for insurance when the applicant complies with certain stated minor requirements imposed by the Federal Deposit Insurance Corporation. "Minor requirements" must be of a type and character that the department determines can be promptly complied with by the applicants without serious difficulty.
2. (2) Upon the department’s approval of the shell bank application, the applicant must take the necessary steps to conform the articles of incorporation and by-laws to the requirements of the department. The department must approve the articles and bylaws of the shell bank.

Authorizing statute(s): 32-1-218, 32-1-246, MCA

Implementing statute(s): 32-1-246, MCA

History: NEW, 2013 MAR p. 1818, Eff. 10/18/13; AMD, 2017 MAR p. 486, Eff. 4/29/17; TRANS and AMD, from 2.60.904, 2025 MAR, Notice No. 2025-900, Eff. 9/13/25.