2.59.2309 POWERS OF A SHEL BANK BEFORE MERGER

1. (1) Prior to completing a merger, a shell bank may take only those corporate and fiduciary steps and actions reasonably incidental and necessary to facilitate and complete the merger. Such limitation does not preclude the department from granting a certificate of authorization, and to otherwise facilitate and authorize the formation and incorporation of the shell bank. Following a merger, the shell bank, to the extent it survives as the resulting bank, will have the powers of a state bank under Title 32, MCA, as applicable.

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; TRANS and AMD, from 2.60.905, 2025 MAR, Notice No. 2025-900, Eff. 9/13/25.