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Code · Montana · Title 32 — Financial Institutions · Chapter 1 · Part 1

32-1-106. Savings bank defined.

119 words·~1 min read·/mt/title-32/chapter-1/part-1/32-1-106·

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32-1-106 . Savings bank defined. The term "savings bank" means a bank organized only for the purpose of accumulating and loaning the funds of its members, stockholders, and depositors and which may:
(1)loan and invest the funds thereof;
(2)receive deposits of money; loan, invest, and collect the same with interest; and repay depositors with or without interest;
(3)sell credit life and disability insurance on loans to its borrowers;
(4)invest said funds and moneys in such property, securities, and obligations as may be prescribed by this chapter; and
(5)declare and pay:
(a)dividends on its general deposits; and
(b)a stipulated rate of interest on deposits made for a stated period or upon special terms.
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