Title Minnesota Statutes, Minnesota Statutes

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…

50.001 APPLICATION FOR CERTIFICATE OF AUTHORITY; PROCEDURE. The procedures for the application and issuance of a certificate of authority to a savings bank organized pursuant to section 47.12 shall be those applicable to a state bank in sections 46.041 to 46.045. History: 1995 c …

50.01 EXPEDIENCY ASCERTAINED. To enable the commissioner of commerce to determine the expediency of the organization of a savings bank, as in this chapter prescribed, the commissioner shall investigate and ascertain: (1) whether greater convenience of access to a savings bank wil…

50.04 BONDS OF TRUSTEES OR DIRECTORS. Every director, before entering upon any duties, shall give bond to the state in a penal sum of not less than $5,000, with sureties approved by the commissioner of commerce, conditioned for the faithful discharge of those duties, and file the…

50.05 BONDS OF OFFICERS AND EMPLOYEES. A savings bank shall be protected against loss by reason of the unlawful act of its officers or employees by a surety bond in an amount approved by the board of directors and issued by a solvent corporate surety in good standing authorized t…

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 …

51A.01 CITATION. Sections 51A.01 to 51A.58 may be cited as the "Savings Association Act." History: 1969 c 490 s 1; 1989 c 217 s 1; 1996 c 414 art 1 s 44; 1997 c 157 s 67; 1998 c 260 s 1

51A.02 DEFINITIONS. § Subdivision 1.Scope. When used in sections 51A.01 to 51A.57, the words and phrases defined in this section have the meanings given them, except to the extent that any such word or phrase specifically is qualified by its context. § Subd. 2. MS 1986 [Renumbere…

51A.03 INCORPORATION. § Subdivision 1.Application for certificate of incorporation. Any three or more individuals, residents of this state, may apply to form a mutual association or capital stock association to promote thrift and home financing subject to approval as provided in …