Montana Code Annotated 2023



Part 7. Conversion of Nonprofit Health Entity to For-Profit or Mutual Benefit Corporation

Application Process -- Content

50-4-707. Application process -- content. (1) A person that seeks to engage in a conversion transaction for a nonprofit health entity and the nonprofit health entity shall submit an application to the commissioner and a copy of the application to the attorney general.

(2) The application submitted under subsection (1) is in addition to any other filing required by law.

(3) An application must include:

(a) the name of the proposed transferor;

(b) the name of the proposed transferee;

(c) the names of any other parties to the conversion transaction agreement;

(d) the terms of the proposed conversion transaction, including but not limited to a description and valuation of all consideration exchanges as a part of or as a result of the conversion and the extent to which the assets proposed to be converted are public assets;

(e) a copy of the conversion transaction agreement;

(f) a financial and community impact analysis report from an independent expert or consultant that addresses the criteria in 50-4-715 through 50-4-717;

(g) an independent valuation of the fair market value of the nonprofit health entity for a valuation date within 1 year prior to receipt by the nonprofit health entity or publication of a bona fide bid, offer, or letter of intent to acquire the nonprofit health entity; and

(h) an antitrust analysis prepared by an appropriate expert.

History: En. Sec. 5, Ch. 214, L. 2005.