SHELL BANKS

APPLICATION

Shell Bank Charter Application

FEE

A nonrefundable application fee of $10,000 must be paid to the department at the time of application.

NEWSPAPER PUBLICATION

At least 30 days prior to the effective date of any merger or business consolidation involving a shell bank, the applicant must publish notice in a newspaper of general circulation in the community in which the main office of the proposed shell bank is to be located. If there is no such newspaper in the community, then the closest major newspaper of general circulation published nearest the community will suffice. The notice must run once a week for two consecutive weeks.

The notice must include:

• the name of the proposed shell bank;
• a brief summary of the purpose of the shell bank; and
• a reference to ARM 2.59.2302, under which the proposed shell bank is to be formed.

LAWS AND RULES

32-1-246, MCA: Shell Bank

32-1-371, MCA: Merger of Banks

ARM 2.59.2302: A State Bank Organized for the Purpose of being a Shell Bank

ARM 2.59.2303: Application Procedures

ARM 2.59.2304: Department to Reivew Application

ARM 2.59.2305: Authority to Require Additional Investigatory Information - Fingerprinting

ARM 2.59.2306: Decision of the Department; Incorporation

ARM 2.59.2307: Grounds for Denying Applicaiton

ARM 2.59.2308: Additional Requirements After Approval of Application

ARM 2.59.2309: Powers of a Shell Bank Before Merger

ARM 2.59.2310: Proof of Merger: Revocation of Certificate of Authorization