ARM 42.4.2703. ELIGIBILITY REQUIREMENTS TO HOLD A QUALIFIED ENDOWMENT

(1) To hold a qualified endowment under 15-30-2327(1)(c), MCA, 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 a Montana-based affiliate of a foreign 26 USC 501(c)(3) organization. (2) A qualifying gift to an institution in (1)(b) at the time of the gift remains a qualifying gift even if subsequent changes affect the institution's prior qualification. For example, a qualifying gift to a Montana chartered bank remains a qualifying gift if the bank is subsequently acquired by a nationally chartered bank.