42.4.2703 ELIGIBILITY REQUIREMENTS TO HOLD A QUALIFIED ENDOWMENT
(1) To hold a qualified endowment an organization must be:
(a) incorporated or otherwise formed under the laws of Montana and exempt from federal income tax under 26 USC 501(c)(3); or
(b) a Montana chartered bank or trust company, as defined in 15-30-2327, MCA, holding an endowment fund on behalf of a Montana or foreign 501(c)(3) organization.
(2) A qualifying gift to an institution meeting the definition in (1)(b) at the time of the gift remains a qualifying gift even if subsequent changes to the institution mean it no longer meets the definition of an entity eligible to hold a qualified endowment. For example, a qualifying gift to a Montana chartered bank remains a qualifying gift even if the bank is subsequently acquired and absorbed by a nationally chartered bank.
History: 15-30-2620, 15-31-501, MCA; IMP, 15-30-2327, 15-30-2329, 15-31-161, 15-31-162, MCA; NEW, 1998 MAR p. 1004, Eff. 4/17/98; AMD and TRANS, from ARM 42.15.513, 2004 MAR p. 1965, Eff. 8/20/04; AMD, 2010 MAR p. 1209, Eff. 5/14/10; AMD, 2014 MAR p. 2039, Eff. 9/5/14.