Title Minnesota Statutes, Minnesota Statutes

49.04 INVOLUNTARY LIQUIDATION OF FINANCIAL INSTITUTIONS. § Subdivision 1.Commissioner taking possession; grounds for; rights of third parties. When it shall appear to the commissioner that any financial institution has violated its charter, or any law of the state, or is conducti…

49.05 POWERS AND DUTIES OF COMMISSIONER ON LIQUIDATION. § Subdivision 1.General powers. In all cases where the commissioner has taken possession of the property and business of any financial institution, or any such financial institution is in the process of liquidation by the co…

49.06 CONSOLIDATION DURING LIQUIDATION. Any such financial institution in course of liquidation may, with the consent of the commissioner, consolidate with any other like financial institution, upon such terms as may be authorized by their respective boards of directors, with the…

49.07 REORGANIZATION DURING LIQUIDATION. § Subdivision 1.Plan. When the commissioner, with a view to restoring the solvency of any bank or trust company of which the commissioner has taken charge pursuant to law, shall approve a reorganization plan entered into between the deposi…

49.17 ASSESSMENTS AGAINST STOCKHOLDERS; ORDERS FOR. In all cases where a state bank or trust company has been closed and the commissioner of commerce has taken charge of its business, property, and assets, and the corporation is in process of liquidation by the commissioner and t…

49.18 REVIEW OF ORDERS OF COMMISSIONER. The order is a conclusive determination that the necessity for the levying of the assessment exists; provided, that the corporation, or any stockholder or creditor thereof, may secure a review of the commissioner's order by serving a notice…

49.19 DEFENSES BY STOCKHOLDERS. In all other respects the stockholders in the corporation shall have and retain all defenses that they may now have, in case an action is brought to enforce payment of the assessment. History: (7699-22) 1927 c 254 s 3

49.20 REMEDY EXCLUSIVE. The provisions of sections 49.17 to 49.19 shall not be cumulative but shall be the exclusive procedure for the levying of assessments upon and against stockholders of banks or trust companies in charge of the commissioner of commerce and in process of liqu…

49.215 VOLUNTARY LIQUIDATIONS. § Subdivision 1.Resolution. By a resolution duly adopted by the holders of 75 percent of its stock, a bank, a trust company, one acting in the capacity of both a bank and trust company, a savings bank, an industrial loan and thrift company, or an in…

49.24 PROCEDURE IN LIQUIDATION. § Subdivision 1.Inventory. Upon taking possession of the property and assets of any financial institution the commissioner shall make an inventory of the assets of such financial institution, in duplicate, one to be filed in the office of the commi…

49.30 COMMITTEE TO COMPLETE LIQUIDATION. At any time after a period of three years shall have elapsed, after the commissioner shall have taken possession of the business and property of a financial institution, a majority of the creditors in number and amount may petition the cou…

49.31 COMMITTEE TO FURNISH BONDS. The committee provided for by section 49.30 shall furnish adequate bond, to be approved by the district court, for the faithful performance of its duties. History: (7683-1) 1933 c 310 s 2

49.32 DISCHARGE OF COMMISSIONER AS STATUTORY LIQUIDATOR. Upon this order of the court, the commissioner shall be discharged as statutory liquidator of the financial institution and released from any further liability thereunder. History: (7683-2) 1933 c 310 s 3; 1945 c 128 s 11

49.33 CONSOLIDATION AND MERGER, WHEN AUTHORIZED. Subject to the provisions of sections 49.33 to 49.41, with the written consent of the commissioner of commerce, any bank, savings bank, or trust company may effect a transfer of its assets and liabilities to another bank, savings b…

49.34 CONSOLIDATION OR MERGER OF STATE BANKS OR TRUST COMPANIES, PROCEDURE. § Subdivision 1.Generally. Any two or more state banks, operating in the same city, may be consolidated or merged into a consolidated or merged state bank, and any two or more trust companies, operating i…

49.35 CONSOLIDATION OR MERGER AGREEMENT. The respective boards of directors of the consolidating or merging corporations may, by the majority vote of all of the members of each board, make or authorize to be made between the corporations a written agreement, in duplicate, for the…

49.36 APPROVAL BY COMMISSIONER. § Subdivision 1.Requirements. This consolidation or merger agreement and certified copy of the proceedings of the meetings of the respective boards of directors, at which the making of the agreement was authorized, must be submitted to the commissi…

49.37 STOCKHOLDERS TO APPROVE; CERTIFICATE OF CONSOLIDATION OR MERGER. Either before or after the consolidation or merger agreement has been approved by the commissioner of commerce, it must be submitted to the stockholders of each corporation at a meeting thereof called, and it …

49.38 CORPORATE EXISTENCE MERGED; RIGHTS, POWERS, OBLIGATIONS. Upon the consolidation or merger of a corporation with or into any one or more corporations as herein provided, the corporate existence of each former corporation shall be merged into that of the consolidated or merge…

49.39 CONSOLIDATION OR MERGER OF BANKS AND TRUST COMPANIES. Upon the consolidation or merger of a trust company with a national banking corporation into a consolidated or merged banking corporation, as provided by any existing act of Congress of the United States, the corporate e…

49.40 PENDING ACTIONS OR PROCEEDINGS NOT AFFECTED. Any pending action or other judicial proceeding in which any consolidating or merging corporation is a party shall not be deemed to have abated or to have discontinued by reason of the consolidation or merger but may be prosecute…

49.41 RIGHTS OF DISSENTING SHAREHOLDERS. Any shareholder not voting in favor of the agreement of consolidation or merger at the meeting prescribed in section 49.37 may, at that meeting, or within 20 days thereafter, object to the consolidation or merger and demand payment for tha…

49.411 INTERSTATE BANK MERGERS AFFECTING INTERSTATE BRANCHING. § Subdivision 1.Purpose. It is the express intent of this section to permit interstate branching by mergers under section 102 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, Public Law 103-…

49.42 STATE BANK. As used in sections 49.42 to 49.46: "State bank" means any bank, savings bank, trust company, or bank and trust company which is now or may hereafter be organized under the laws of this state. "National banking association" means a bank, savings bank, bank and t…

49.43 STATE BANK; CONVERSION, MERGER, CONSOLIDATION; NATIONAL BANKING ASSOCIATION. A state bank may convert into a national banking association or merge or consolidate with one or more national banking associations under the charter of one of such national banking associations as…

49.44 NATIONAL BANKING ASSOCIATION; CONVERSION, MERGER, CONSOLIDATION; STATE BANK. A national banking association which is located in this state and which has taken the corporate action required therefor by the laws of the United States may convert into a state bank upon complyin…

49.45 MERGER OR CONSOLIDATION. One or more national banking associations which are located in this state and which have taken the corporate action required therefor by the laws of the United States may merge or consolidate with a state bank or banks. The merger or consolidation s…

49.46 STATE BANK, RETENTION OF ASSETS. The commissioner of commerce, subject to such conditions as the commissioner may prescribe, may permit a state bank resulting from a conversion, merger or consolidation of a national banking association to retain and carry at a valuation det…