Title Minnesota Statutes, Minnesota Statutes

50.06 DIRECTORS. § Subdivision 1.Authority and qualifications. The business of every such stock savings bank shall be managed by a board of not less than seven directors who are residents of this state. Each director must file a written acceptance of the position before the direc…

50.065 OFFICERS. Every savings bank, except when otherwise specially provided, must have a president, secretary, and treasurer, and may have one or more vice-presidents and other officers, as its certificate of incorporation or bylaws may provide. The time and manner of their ele…

50.085 POWERS. § Subdivision 1.Generally. Every savings bank incorporated pursuant to or operating under this chapter shall be a body corporate; shall have all the powers enumerated, authorized, and permitted by this chapter and other applicable law; shall have other rights, priv…

50.11 SECURITIES HELD FOR SAFEKEEPING; SAFE DEPOSIT BOXES; LIMITATION OF LIABILITY. A savings bank may receive for safekeeping for its depositors obligations of the United States or its possessions or of a state or territory of the United States, or of any political subdivision o…

50.13 REAL ESTATE. A savings bank may purchase, hold, or convey land sold upon foreclosure of mortgages owned by it, or upon judgments or decrees in its favor, or in settlement of debts, or received in exchange as part of the consideration of real estate sold by it. Real estate s…

50.14 AUTHORIZED SECURITIES. § Subdivision 1.Definition. Except as it relates to the investment of trust funds by corporate trustees or by individual trustees, the term "authorized securities" whenever used in the statutes and laws of this state shall be understood as referring t…

50.145 AUTHORIZED INVESTMENTS; GENERAL AUTHORITY. Any savings bank subject to the supervision of the commissioner of commerce of the state of Minnesota shall in addition to other investments authorized by law have the power to purchase and hold as investments such bonds and secur…

50.146 AUTHORIZED INVESTMENTS; CORPORATIONS. § Subdivision 1.General authority. In addition to other investments authorized by law, a savings bank may invest in the following: (a) The preferred stocks of any corporation organized under the laws of the United States or of any stat…

50.1465 AUTHORIZED INVESTMENTS; SERVICE CORPORATIONS. § Subdivision 1.Generally. In addition to other investments authorized by law, a savings bank may invest in the capital stock, obligations, or other securities of any corporation organized under the laws of this state if all o…

50.147 AUTHORIZED INVESTMENTS; STUDENT LOANS. In addition to other investments authorized by law, a savings bank organized under the laws of this state may make student loans. Such loans may be secured or unsecured, and the lender may require a comaker or guaranty under a governm…

50.148 AUTHORIZED INVESTMENTS; MANUFACTURED HOME LOANS. In addition to other investments authorized by law, a savings bank organized and operated pursuant to this chapter, may make loans upon the security of manufactured homes, and any equipment installed or to be installed there…

50.1485 LENDING AUTHORITY. § Subdivision 1.Generally. In addition to other investments authorized by law, a savings bank may make, purchase, or invest in: (a) loans secured by the pledge of policies of life insurance, the assignment of which is properly acknowledged by the insure…

50.155 PURCHASE OF CERTAIN MORTGAGE LOANS. Savings banks that are subject to the supervision of the commissioner of commerce are authorized to make or purchase loans secured by real estate mortgage the payment of which is guaranteed in whole or in part by the United States or any…

50.17 DEPOSIT ACCOUNTS. § Subdivision 1.Generally. A deposit account with a savings bank is subject to a lien for the payment of charges that may accrue on the account under this chapter. A deposit account is subject to a debt offset for the debts of the deposit account holder to…

50.171 TREASURY TAX AND LOAN ACCOUNTS OF THE UNITED STATES. A savings bank shall have the power and authority to accept and maintain treasury tax and loan accounts of the United States and to pledge collateral to secure the treasury tax or loan accounts, in accordance with the re…

50.175 NEGOTIABLE ORDER OF WITHDRAWAL ACCOUNT. § Subdivision 1.Authorization. Any savings bank organized and operating pursuant to this chapter, may establish negotiable order of withdrawal accounts on which it may or may not pay interest or dividends. Withdrawals from the accoun…

50.18 METHOD OF DETERMINING SURPLUS. In determining the percent of surplus held by any such bank, its interest paying stock, notes, and bonds shall be estimated at their market value; notes and bonds having not more than six months' unpaid interest at their face, and real estate …

50.19 REPORTS TO THE COMMISSIONER. Each savings bank shall submit the reports required of state banks pursuant to section 48.48 and such other information as the commissioner of commerce may require. History: (7719) RL s 3027; 1907 c 468 s 10; 1983 c 289 s 114 subd 1; 1984 c 655 …

50.20 REPORT TO SHOW LIABILITIES. This report shall also state all its liabilities on the morning of January first, and show: (1) the amount due the depositors, including any dividend to be credited to them for the half year ending on that day; and (2) all other debts or claims a…

50.212 SAVINGS BANK REGULATION. § Subdivision 1.Commerce Department to control. The commissioner of commerce shall have charge of the execution of all laws relating to the savings banks chartered under the laws of Minnesota and relating to the business of those savings banks. § S…

50.24 EXISTING BANKS CONFORMED; EXCEPTIONS. The powers, privileges, and duties conferred and imposed on any savings corporation heretofore organized by its charter or act of incorporation, are hereby abridged, enlarged, or modified, as each case may require, so that each such cha…

50.245 BRANCHES; ACQUISITIONS. § Subdivision 1.Authority for branch offices. A savings bank may establish any number of detached facilities as may be approved by the commissioner of commerce pursuant to sections 47.51 to 47.57. The savings bank shall not change the location of a …

50.25 BANKS ORGANIZED UNDER THE LAWS OF MINNESOTA; CAPITAL STOCK; AMENDMENT OF ARTICLES. A corporation which was incorporated and organized under the laws of Minnesota for the purpose of doing a savings bank business, may have capital stock of $100 per share, par value; provided,…

50.28 DECLARATORY JUDGMENTS. At any time after a controversy has arisen between the commissioner of commerce and a savings bank with respect to a question of law or rule or with respect to a question involving immeasurable or irreparable damage to the savings bank, and before an …