1. (1) From the date a shell bank is authorized according to this rule, the parties to the shell bank merger agreement have six months in which to effect the merger with the existing bank or savings association. The merger must proceed under 32-1-370 or 32-1-371, MCA.
2. (2) The department may grant extensions if the parties to the shell bank agreement show good cause as to why an extension is needed to complete the merger.

3. (3) The department may cancel or revoke the certificate of authorization of the shell bank (and may take such other steps as are appropriate at any time) if:

   1. (a) proof of the merger between the shell bank and the existing bank or savings association has not been provided to the department at the end of the authorized time;
   2. (b) the shell bank actually conducts any banking business prior to its proposed merger; or
   3. (c) any related merger or consolidation application is denied or withdrawn.

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 2.60.906, 2025 MAR, Notice No. 2025-900, Eff. 9/13/25.