Montana Attorney General Opinion 15-596

Opinion No. 596 Building and Loan A~iations-For­ eign Corporation-Deposit of Money or Securities. HELD: Section 33, Chapter 57, Laws of 1927, requires that a foreign build- ing and loan association as condition precedent to doing business in this state shall be required to make a deposit of money or securities similar to that re- quired in that state (in which the said building and loan association is in- corporated) of Montana associations doing business in that state. August 22, 1934. Replying to your letter of August 10, I wish to advise that the amended ar- ticles of incorporation of the Western Loan and Building Company, which you have submitted, appear to be unobjec- tionahle so far as the Montana laws are concerned and in my opinion you would be justified in consenting to the filing thereof. Because of the temporary suspension of business by the company and the re- organization thereof it may be advis- able to obtain a certificate as required by Section 29, Chapter 57, Laws of 1927 relating to an agent upon whom service may be made, and his written consent obtained as required by Section 20 of said chapter. In view of the requirement of the Utah statute that a $50,000 guarantee fund be deposited as a condition pre- cedent to a foreign building and loan association doing business in that state, and the provisions of Section 33, Chap- ter 57, Laws of 1927, as follows: "When by the laws of any other state, territory or nation any taxes, fines, penalties, licenses, fees, depos- its of money or securities or other obligations or prohibitions are im- posed on huilding and loan associa- tions of this state, doing business in such other state, territory or nation. or upon their agents therein. so long as such laws continue in force the same obligations and prohibitions shall lJe imposed on the associations of such other state, territory or na- tion doing, or attempting to do a huilding and loan business, or a busi- ness of like kind or character in this State, and upon their agents herein," I am of the opinion that you must require a similar deposit of the Wes- tern Loan and Building Company as a condition precedent to its doing business in this state.