32-1-374: Conversion of national bank to state bank.

(1) A national bank may convert to a state bank on the consent in writing of the owners of two-thirds of the capital stock of the bank and with the approval of the department. The stockholders shall make, execute, and acknowledge articles of incorporation as required by the laws of the state of Montana and shall set forth in the articles of incorporation the written consent of the stockholders. When the articles and the department approval are filed as provided by law, the bank is converted under this chapter, and all assets, real and personal, of the national bank are vested in and become the property of the converted state bank, subject to all liabilities of the national bank not liquidated before the conversion.

(2) The cashier of the bank shall:

(a) publish notice of the change once a week for 4 consecutive weeks in the newspaper that the directors select;

(b) send a printed notice by mail or otherwise to all nonvoting or dissenting stockholders; and

(c) notify the department that the bank has decided to become a corporation under the laws of Montana.