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Rule Title: MUTUAL FUNDS
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Department: ADMINISTRATION, DEPARTMENT OF
Chapter: BANKING AND FINANCIAL INSTITUTIONS
Subchapter: Approved Investments
 
Latest version of the adopted rule presented in Administrative Rules of Montana (ARM):

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2.59.1605    MUTUAL FUNDS

(1) Under the authority of 32-1-424(1) (b) , MCA, and subject to its restrictions, banks may invest in mutual funds whose shares represent only those United States obligations listed in ARM 2.59.1601.

(2) Shareholders must have a proportionate undivided interest in any mutual fund utilized under this rule.

(3) Shareholders must be shielded from personal liability for acts or obligations of the mutual fund.

(4) The bank's investment policy, as formally approved by its board of directors, must specifically provide for such investments.   Prior approval of the board of directors must be obtained for initial investments in specific mutual funds and recorded in the official board minutes.   Procedures, standards and controls for managing such investments must be implemented prior to the investment being made.

History: Sec. 32-1-433, MCA; IMP, Sec. 32-1-424, 32-1-433, MCA; NEW, 2002 MAR p. 166, Eff. 2/1/02.


 

 
MAR Notices Effective From Effective To History Notes
2/1/2002 Current History: Sec. 32-1-433, MCA; IMP, Sec. 32-1-424, 32-1-433, MCA; NEW, 2002 MAR p. 166, Eff. 2/1/02.
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