Title Minnesota Statutes, Minnesota Statutes

48.74 FUNDS AND PROPERTY HELD IN FIDUCIARY CAPACITY. Besides its general books of account, it shall keep separate books for all fiduciary accounts. All funds and property held by it in a fiduciary capacity shall at all times be kept separate from its own funds and property, and a…

48.88 VIOLATIONS; PENALTIES. § Subdivision 1.Criminal penalty. Any officer or employee of a bank or trust company who violates the provisions of sections 48.15 and 48.16 to 48.20, or who consents thereto or connives thereat, shall be guilty of a gross misdemeanor. § Subd. 2. [Rep…

48.89 CLERICAL SERVICE CORPORATION. § Subdivision 1.Definitions. For the purposes of this section the following terms defined in this subdivision have the meanings given them. (a) The term "commissioner" means the commissioner of commerce. (b) The term "clerical services" means s…

48.892 CLERICAL SERVICES OFFICES. A bank may perform clerical services, as defined in section 48.89, subdivision 1, for itself at an off-premises data processing and storage center located within the state if the bank furnishes assurances satisfactory to the commissioner that the…

48.90 LEGISLATIVE INTENT. § Subdivision 1.Express intent. It is the express intention of the Minnesota legislature to act pursuant to the United States Code, title 12, section 1842(d), as amended by title I of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 199…

48.91 TITLE. Sections 48.90 to 48.99 may be cited as the "Interstate Banking Act." History: 1986 c 339 s 5; 1995 c 202 art 4 s 8

48.92 DEFINITIONS. § Subdivision 1.Terms. When used in sections 48.90 to 48.99, the terms defined in this section have the meanings given them, unless their context requires a different meaning. § Subd. 2.Control. "Control," with respect to a bank holding company, bank, or bank t…

48.93 ACQUISITION PROCEDURE. § Subdivision 1.Application. An out-of-state bank holding company may, through a purchase of stock or assets of a bank, or through a purchase of stock or assets of or merger with a bank holding company, acquire control in an existing bank or banks who…

48.96 SUPERVISION. The department may enter into cooperative and reciprocal agreements with federal or state regulatory authorities responsible for supervision of out-of-state bank holding companies for exchange or acceptance of reports of examination and other records from the a…

48.99 SPECIAL ACQUISITIONS AUTHORIZED. § Subdivision 1.Application criteria for approval. Pursuant to the present requirement of the United States Code, title 12, section 1842(d) and notwithstanding any other provision of state law, an out-of-state bank holding company, or any su…

48.992 EXEMPTION. § Subdivision 1.Resolution. The board of directors of a bank or a bank holding company located in this state may adopt a resolution before July 1, 1987, to exempt the bank or bank holding company from section 48.93. If the board of directors adopts the resolutio…

48A.01 ORGANIZATION OF A STATE TRUST COMPANY. § Subdivision 1.Articles of incorporation. (a) Subject to the other provisions of this chapter, three or more persons may organize and charter a state trust company for purposes of transacting business as a trust company in conformity…

48A.02 APPLICATION FOR STATE TRUST COMPANY CHARTER. § Subdivision 1.Procedure. An application for a trust company charter must be in the form prescribed by the commissioner. The procedure in sections 46.041 to 46.045 apply, except for the conditions in section 46.044, subdivision…

48A.03 CAPITAL AND SURPLUS REQUIREMENTS OF TRUST COMPANIES. § Subdivision 1.Required amount. The capital of a trust company organized under this chapter must be not less than $500,000. The trust company must also provide a surplus of at least 20 percent of its capital in addition…

48A.04 CERTAIN TRUST COMPANIES MAY ASSUME POWERS OF STATE BANKS. § Subdivision 1.Authority. Upon complying with the terms of this section, a trust company organized under section 47.12 has all the powers and privileges of a state bank not otherwise granted to trust companies and …

48A.05 NATIONAL ASSOCIATIONS; POWERS. The commissioner of commerce may authorize trust companies organized under the laws of this state to engage in trust activity in which banks exercising trust powers subject to the jurisdiction of the federal government may be authorized to en…

48A.06 PROHIBITED DEALINGS AND INDEBTEDNESS. (a) A trust company shall not engage in banking, mercantile, manufacturing, or other business, unless this business is expressly authorized in this chapter. (b) A trust company shall not lend its funds, money, capital, trust funds, or …

48A.07 TRUST COMPANY OR BANK; SPECIAL POWERS AND DUTIES AS FIDUCIARY. § Subdivision 1.Qualifying organizations. A trust company, or bank that holds a certificate as provided in section 48.37, may exercise the powers and privileges set forth in this section. § Subd. 2.Taking and h…

48A.08 INCIDENTAL INVESTMENTS, POWERS, AND LIMITATIONS. § Subdivision 1.Qualifying organization. A trust company, or a bank that holds a certificate as provided in section 48.37, may exercise the powers and privileges set forth in this section. § Subd. 2.Investment powers. (a) Th…

48A.09 DEFINITIONS. § Subdivision 1.Terms. For purposes of this section and section 48A.10, the terms defined in this section have the meanings given them. § Subd. 2.Affiliated bank. "Affiliated bank," with respect to another bank or a trust company, means a bank that is owned or…

48A.10 SUBSTITUTION; PROCEDURE. § Subdivision 1.Application. A bank or trust company may file an application with the district court in the county in which an affiliated bank or other bank or trust company for which it seeks to be substituted is located requesting that it be subs…

48A.11 NATIONAL BANKS AS FIDUCIARIES. A national bank in this state granted a special permit to act in a fiduciary capacity by either the Federal Reserve Board under subsection K of section 11 of the Federal Reserve Act, as amended by the act of September 26, 1918, or the Office …

48A.12 DEFINITIONS. § Subdivision 1.Terms. For purposes of sections 48A.12 to 48A.22, the following words and phrases have the meanings given them. § Subd. 2.Account. "Account" means the client relationship established with a trust company involving the transfer of funds or prope…

48A.13 STATE TRUST COMPANY PRINCIPAL OFFICE. § Subdivision 1.Requirement. A state trust company must have and continuously maintain a principal office in this state. § Subd. 2.Service of process. Each executive officer at the principal office is an agent of the state trust compan…

48A.14 STATE TRUST INSTITUTIONS; REPRESENTATIVE TRUST OFFICES. § Subdivision 1.Authority. (a) A state trust institution may establish or acquire and maintain representative trust offices anywhere in this state. A state trust institution may establish or acquire and maintain the o…

48A.15 STATE BANKS AND TRUST COMPANIES; TRUST SERVICE OFFICES. § Subdivision 1.Authorization. (a) A trust company organized under the laws of this state or a state bank and trust may, after completing the notification procedure required by this subdivision, establish and maintain…

48A.16 DETACHED FACILITIES. A state trust institution may establish or acquire and maintain detached facilities for the conduct of any or all of the activities permitted for a trust institution following the procedure and in compliance with sections 47.52 to 47.57. History: 1998 …

48A.17 AUTHORITY FOR OUT-OF-STATE TRUST OFFICES; PRIOR WRITTEN NOTICE. (a) A state trust institution may establish and maintain a new trust office or a representative trust office or acquire and maintain an office in a state other than this state. The state trust institution shal…

48A.18 OUT-OF-STATE TRUST INSTITUTION TRUST OFFICES. § Subdivision 1.Requirement. An out-of-state trust institution may act as a fiduciary in this state or engage in a trust business at an office in this state only if it maintains a trust office in this state as permitted by this…

48A.19 OUT-OF-STATE TRUST INSTITUTION REPRESENTATIVE TRUST OFFICES. § Subdivision 1.Authorization. (a) Subject to the requirements contained in this section, an out-of-state trust institution may establish and maintain representative trust offices anywhere in this state. (b) An o…

48A.20 SUPERVISION OF OUT-OF-STATE TRUST INSTITUTIONS. § Subdivision 1.Examinations. To the extent consistent with subdivision 3, the commissioner may make examinations of an office established and maintained in this state under this chapter by an out-of-state trust institution a…

48A.21 NOTICE OF SUBSEQUENT MERGER, CLOSING. Each out-of-state trust institution that maintains an office in this state according to section 48A.18, or the home state regulator of the trust institution, shall give at least 30 days prior written notice or, in the case of an emerge…

48A.22 ENFORCEMENT. § Subdivision 1.General authority of commissioner. (a) Consistent with hearing provisions of sections 46.23 to 46.33, if the commissioner finds that: (1) an office maintained by an out-of-state trust institution in this state is being operated in violation of …

48.055 ISSUANCE OF PREFERRED STOCK, CONDITIONS. § Subdivision 1.Authorization. Any state bank may issue preferred stock of one or more classes, with or without voting rights, with the approval of the commissioner of commerce and without change of its certificate of incorporation,…

49.01 DEFINITIONS. § Subdivision 1.Scope. For the purposes of sections 49.01 to 49.32, the following terms shall be given the meanings subjoined to them. § Subd. 2.Financial institution. "Financial institution" means and includes a bank, a savings bank, a trust company, a savings…

49.013 INSOLVENT FINANCIAL INSTITUTIONS; ASSIGNMENT PROHIBITED. No financial institution shall make an assignment by reason of existing or probable insolvency. Its governing board or managing officers, if satisfied that it is, or is about to become, insolvent, shall immediately r…

49.02 ASSESSMENTS ON STOCK; STOCK UNPAID OR CAPITAL IMPAIRED. § Subdivision 1.Grounds for assessment. Every bank or trust company which shall have failed to pay up its capital stock as required by law, or the capital of which shall have become impaired, within 90 days after recei…

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…