Title Minnesota Statutes, Minnesota Statutes

51A.041 ORGANIZATION OF CAPITAL STOCK ASSOCIATIONS. § Subdivision 1.Selection of chair of incorporators; surety bond and capital required. The incorporators of a capital stock association shall appoint one of their number as chair of the incorporators and the chair shall procure …

51A.05 NAME; OFFICE. § Subdivision 1.Corporate name. The name of every association shall include the word "saving" or "savings." The use of the words "national," "federal," or "United States," or any form of these words, separately or in any combination with other words or syllab…

51A.06 CONVERSION. § Subdivision 1. [Repealed, 1981 c 276 s 32] § Subd. 2. [Repealed, 1981 c 276 s 32] § Subd. 3.Limitation. No conversion of an association, direct or indirect, shall be permitted except as specifically authorized by sections 51A.01 to 51A.57 or other provision o…

51A.065 MUTUAL AND CAPITAL STOCK CONVERSIONS. § Subdivision 1.Types of conversions. Any mutual or capital stock association, or mutual or capital stock federal association, if substantial business benefit to the applicant will result, may apply to convert to one of the following …

51A.07 POWER TO REORGANIZE, MERGE, OR CONSOLIDATE. Pursuant to a plan adopted by the board of directors and approved by the commissioner as equitable to the members or stockholders of the association and as not impairing the usefulness and success of other properly conducted asso…

51A.08 DISSOLUTION. § Subdivision 1.Notice and vote. Any association, by a vote of three-fourths of its members or stockholders eligible to vote at any regular meeting of its members or stockholders or at any special meeting called for that purpose, of which regular or special me…

51A.09 MEETINGS OF MEMBERS OF MUTUAL ASSOCIATIONS. § Subdivision 1.Annual and special. An annual meeting of the members of each mutual association shall be held in the month of January, as fixed in the bylaws of the association. Special meetings may be called as provided in the b…

51A.10 MEMBERSHIP CHARGES PROHIBITED. The mutual association shall not directly or indirectly charge any membership, admission, withdrawal, or any fee or sum of money for the privilege of becoming, remaining, or ceasing to be a member of the mutual association, except charges aut…

51A.11 ACCESS TO BOOKS AND RECORDS; COMMUNICATION WITH MEMBERS OR STOCKHOLDERS. § Subdivision 1.Exclusiveness of access. The right of inspection and examination of the books and records of an association including those pertaining to loans and accounts shall be limited (1) to the…

51A.12 FINANCIAL STATEMENT; MUTUAL ASSOCIATIONS. Every mutual association shall prepare and publish annually within 30 days of the close of the association's fiscal year in a newspaper of general circulation in the county in which the principal office of the association is locate…

51A.13 DIRECTORS OF MUTUAL ASSOCIATIONS. § Subdivision 1.Composition. The business of the association shall be directed by a board of directors of not less than five nor more than 15 as determined by, and elected by ballot from among, the members by a plurality of the votes of th…

51A.131 DIRECTORS OF CAPITAL STOCK ASSOCIATIONS. The duties and qualifications required of directors of capital stock associations are governed by chapter 302A. History: 1988 c 666 s 20; 1996 c 414 art 1 s 44; 1997 c 157 s 67; 1998 c 260 s 1; 2005 c 69 art 3 s 8

51A.14 INDEMNITY BONDS. All directors, officers, and employees of an association shall, before entering upon the performance of any of their duties, execute their individual bonds with adequate corporate surety payable to the association as an indemnity for any loss the associati…

51A.15 TRANSACTIONS OF OFFICERS AND DIRECTORS. § Subdivision 1.Fiduciary relationships. Directors and officers occupy a fiduciary relationship to the association of which they are directors or officers, and no director or officer shall engage or participate, directly or indirectl…

51A.16 DEPOSITORIES. No association shall deposit any of its funds except with a depositary approved by a vote of a majority of the directors authorized of the association, any director who is an officer, partner, director, or trustee of the depository so designated taking no par…

51A.17 INDEMNIFICATION OF OFFICERS, DIRECTORS AND EMPLOYEES. The indemnification of officers, directors, and employees of associations is governed by section 302A.521. History: 1969 c 490 s 17; 1986 c 444; 1988 c 666 s 22; 1996 c 414 art 1 s 44; 1997 c 157 s 67; 1998 c 260 s 1; 2…

51A.19 RECORDS. § Subdivision 1.Records to be kept at home office. Every association shall keep at the home office correct and complete books of account and minutes of the proceedings of members, directors, stockholders, and the executive committee. Complete records of all busine…

51A.20 RESERVE ACCOUNTS; SURPLUS AND UNDIVIDED PROFITS. § Subdivision 1.Mutual associations. Every association shall set up and maintain the reserves required by, and may set up and maintain additional reserves permitted by, sections 51A.01 to 51A.57. On or before the closing dat…

51A.21 POWERS OF ASSOCIATION. § Subdivision 1.Generally. Every association incorporated pursuant to or operating under the provisions of sections 51A.01 to 51A.57 shall have all the powers enumerated, authorized, and permitted by sections 51A.01 to 51A.57 and such other rights, p…

51A.22 SAVINGS LIABILITY. § Subdivision 1.Operation of savings liability. The savings liability of an association shall consist only of the aggregate amount of savings accounts, plus earnings credited to the accounts, less redemption and withdrawal payments. Except as limited by …

51A.23 SAVINGS ACCOUNT. § Subdivision 1.Ownership. Trust funds received by a real estate broker or the broker's salespersons in trust may be deposited in a savings association. Deposit accounts shall be represented only by the account of each deposit account holder on the books o…

51A.24 CONTRACTS FOR SCHOOL SAVINGS PROGRAMS. An association may contract with the proper authorities of any public or nonpublic elementary or secondary school or institution of higher learning, or any public or charitable institution caring for minors, for the participation and …

51A.251 MARRIED PERSONS AND MINORS. An association may issue deposit accounts or negotiable order of withdrawal accounts to any married person or minor as the sole and absolute owner of the account, and receive payments thereon by or for the other, and pay withdrawals or drafts, …

51A.261 DEPOSITS IN NAME OF MINOR. A deposit made at an association in the name of a minor, or shares issued in a minor's name, shall be held for the exclusive right and benefit of the minor, free from the control or lien of all other persons except creditors, and together with t…

51A.262 MULTIPARTY ACCOUNTS. When any deposit is made in the names of two or more persons jointly, or by any person payable on death (P.O.D.) to another, or by any person in trust for another, the rights of the parties and the association are determined by chapter 528. History: 1…

51A.27 PLEDGE TO ASSOCIATION OF SAVINGS ACCOUNTS IN JOINT TENANCY. The pledge or hypothecation to any association or federal association of all or part of a savings account in joint tenancy signed by any tenant or tenants whether minor or adult, upon whose signature or signatures…

51A.28 ACCOUNTS OF ADMINISTRATORS, EXECUTORS, GUARDIANS, CUSTODIANS, TRUSTEES, AND OTHER FIDUCIARIES. Any association may accept deposit accounts in the name of any administrator, executor, custodian, conservator, guardian, trustee, or other fiduciary for a named beneficiary or b…

51A.29 ACCOUNTS OF INCOMPETENTS. When a savings account is held in any association or federal association by a person who becomes incompetent and an adjudication of incompetency has been made by a court of competent jurisdiction, such an association may pay or deliver the withdra…

51A.30 ACCOUNTS OF DECEASED NONRESIDENTS. When a savings account is held in any association or federal association by a person residing in another state or country, the account, together with additions thereto and earnings thereon, or any part thereof, shall be exempt from any ta…

51A.31 SAVINGS ACCOUNTS AS LEGAL INVESTMENTS. § Subdivision 1.Legal investments. Administrators, executors, custodians, conservators, guardians, trustees, and other fiduciaries of every kind and nature, insurance companies, business and manufacturing companies, banks, trust compa…

51A.32 EARNINGS. § Subdivision 1.Mutual association. A mutual association may pay earnings on its savings accounts from sources available for payment of earnings at such rate and at such times and for such time or notice periods as shall be determined by resolution of its board o…

51A.33 WITHDRAWAL. Any savings account member or authorized representative may at any time present a written application for withdrawal of all or any part of the member's savings accounts. Every application shall request immediate withdrawal of a stated amount in accordance with …

51A.34 REDEMPTION. At any time funds are on hand for the purpose, the association shall have the right to redeem by lot or otherwise, as the board of directors may determine, all or any part of any of its savings accounts on an earnings date by giving 30 days' notice by certified…

51A.35 INVESTMENT IN SECURITIES. Associations shall have power to invest in securities as follows: (1) without limit, in obligations of, or obligations which are fully guaranteed as to principal and interest by, the United States or this state or the political subdivision of this…

51A.361 RESERVES. An association shall maintain reserves in the form of liquid assets, as defined in section 51A.02, subdivision 34, at a level reasonably necessary to meet anticipated withdrawals, commitments, and loan demand. The commissioner of commerce may prescribe the requi…

51A.37 INVESTMENT IN LOANS. § Subdivision 1.Generally. Every association shall have power to invest in loans and other investments as set forth in this section. § Subd. 2.Savings account loans. Loans secured by its savings accounts. § Subd. 3.Real estate loans. Real estate loans …

51A.38 LOAN PLANS. § Subdivision 1.Generally. Real estate loans and other loans secured by a mortgage on real estate that are eligible for investment by an association under sections 51A.01 to 51A.57 may be written according to this section and section 51A.386, or upon any other …

51A.386 TERMS AND CONDITIONS OF LOANS, CONTRACTS, AND EXTENSIONS OF CREDIT. § Subdivision 1.Application. Except as otherwise provided in this section, this section applies to loans made and contracts purchased by federal and state associations, and "association" as used in this s…

51A.40 DEALING WITH SUCCESSORS IN INTEREST. In the case of any investment made by an association in a loan secured by a mortgage on real property, including a real estate loan, in the event the ownership of the real estate security or any part thereof becomes vested in a person o…

51A.41 RIGHT TO ACT TO AVOID LOSS. Nothing in sections 51A.01 to 51A.57 or the statute law of the state shall be construed as denying to an association the right to invest its funds, operate a business, manage or deal in property, or take any other action over whatever period of …

51A.42 SAVINGS ASSOCIATIONS. § Subdivision 1.Commerce Department to control. The Department of Commerce shall have charge of the execution of all laws relating to the savings associations chartered under the laws of Minnesota and the business thereof. § Subd. 2.Supervisor. The co…

51A.43 SUPERVISORY POWER OF COMMISSIONER. The commissioner shall have general supervision over all associations, service organizations the principal offices of which are located in this state and which are principally owned by one or more thrift institutions, and corporations whi…

51A.44 REPORTS AND EXAMINATIONS. § Subdivision 1.Annual report. On or before the last day of April in each year, every association shall make an annual written report to the commissioner, upon a form to be prescribed and furnished by the commissioner, of its affairs and operation…

51A.45 ENFORCEMENT AND CONSERVATORSHIP. § Subdivision 1.Commissioner may order association to discontinue any illegal practice. If the commissioner, as a result of any examination or from any report made, shall find that any association is violating the provisions of its certific…

51A.46 RECEIVERSHIP. § Subdivision 1.Appointment of receiver. If the commissioner shall find that any association: (a) is in an impaired condition; (b) is engaging in practices which threaten to result in an impaired condition; or (c) is in violation of an order or injunction, as…

51A.47 CORRECTION OF WRONGDOINGS BY UNIMPAIRED INSTITUTION. No conservator or receiver shall be appointed, or private property seized, with respect to an association which is not in an impaired condition if the alleged wrongdoing can be otherwise corrected as provided in sections…