10-2-702. Procedure for appointment of corporate trustee -- term of office -- annual reporting requirement -- discharge for good cause. (1) Upon receipt of the articles of dissolution or a decree of dissolution of the nonprofit corporation that has established a permanent care and improvement trust fund for the care, maintenance, and improvement of the first special service force memorial monument, located in Helena, Montana, the secretary of state shall notify the first judicial district court that the appointment of a corporate trustee is necessary.

(2) The remaining trustees of the dissolved corporation shall make an accounting of the trust fund and present it to the district court judge.

(3) The remaining trustees of the dissolved corporation may nominate a trust company authorized to do business in Montana to be the corporate trustee of the trust fund.

(4) The district court judge may accept applications for corporate trustee from interested persons.

(5) The district court judge shall order appointment of a corporate trustee after consideration of the remaining trustees' nomination and the applications of any interested persons.

(6) The term of office for a corporate trustee is 5 years unless the corporate trustee leaves the state of Montana or is permanently removed from office by the district court judge for good cause shown.

(7) The corporate trustee shall annually, by September 1, or more often upon order of the district court, file in the office of the clerk of the district court of Lewis and Clark County a verified, detailed financial statement of:

(a) the principal assets;

(b) the income derived from investments;

(c) the amount of money expended and to whom for the care, maintenance, and improvement of the monument and related costs; and

(d) the amount of the corporate trustee's compensation during the preceding year.

(8) An interested party may apply to the district court for an order requiring the corporate trustee to make an accounting at any time.

(9) Upon receipt of the financial statement required in subsection (7), the district court judge may discharge the corporate trustee for good cause and may appoint another corporate trustee.

History: En. Sec. 2, Ch. 41, L. 1995; Sec. 35-21-902, MCA 1997; redes. 10-2-702 by Sec. 99(3), Ch. 51, L. 1999.