(1) From the date an interim bank is authorized according to this rule, the parties to the interim bank agreement have six months in which to effect the merger with the existing bank or savings association. The merger must proceed under 32-1-370 or 32-1-371, MCA.

(2) The department may grant extensions if the parties to the interim bank agreement show good cause as to why an extension is needed to complete the merger.

(3) The department may cancel or revoke the certificate of authorization of the interim bank (and may take such other steps as are appropriate at any time) if:

(a) proof of the merger between the interim bank and the existing bank or savings association has not been provided to the department at the end of the authorized time;

(b) the interim bank actually conducts any banking business prior to its proposed merger; or

(c) any related merger or consolidation application is denied or withdrawn.

History: 32-1-218, MCA; IMP, 32-1-218, 32-1-502, MCA; NEW, 2013 MAR p. 1818, Eff. 10/18/13