Mont. Code Ann. § 32-1-424
This is the official text of Mont. Code Ann. § 32-1-424, part of Montana’s Code Ann — part of the compiled statutory law of Montana, published by the state as "Code Ann." Browse the sections below, each linked to its official government source.
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32-1-424 Investments of financial institutions
Official statutory text
32-1-424 . Investments of financial institutions. (1) Notwithstanding other provisions of the law, it is lawful for a bank, trust company, investment company or other financial institution operating under the laws of this state to invest the funds or money in its custody or possession, eligible for investment, in:
(a) debentures issued by the federal housing administrator and in obligations of national mortgage associations; and
(b) United States government obligations, either directly or in the form of securities of or other interests in an open-end or closed-end management type investment company or investment trust registered under the Investment Company Act of 1940 (15 U.S.C. 80a-1 through 80a-64), as amended, if:
(i) the portfolio of the investment company or investment trust is limited to United States government obligations and repurchase agreements fully collateralized by United States government obligations; and
(ii) the investment company or investment trust takes delivery of the collateral for any repurchase agreement, either directly or through an authorized custodian.
(2) The department shall publish a list of the permissible type of investments in United States government obligations as provided in subsection (1).
(a) debentures issued by the federal housing administrator and in obligations of national mortgage associations; and
(b) United States government obligations, either directly or in the form of securities of or other interests in an open-end or closed-end management type investment company or investment trust registered under the Investment Company Act of 1940 (15 U.S.C. 80a-1 through 80a-64), as amended, if:
(i) the portfolio of the investment company or investment trust is limited to United States government obligations and repurchase agreements fully collateralized by United States government obligations; and
(ii) the investment company or investment trust takes delivery of the collateral for any repurchase agreement, either directly or through an authorized custodian.
(2) The department shall publish a list of the permissible type of investments in United States government obligations as provided in subsection (1).
Status: in_force · Read it on the official government site
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