reglab/housing_qa huggingface dataset:
MN Stat § 50.01 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 50 — Savings Banks|Section 50.01 — Expediency Ascertained.

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 will be afforded to any considerable number of depositors by opening the proposed bank; (2) whether the population in the vicinity of the location of the bank affords reasonable promise of adequate support therefor; and (3) whether the responsibility, character, and general fitness of the persons named as directors in the certificate are such as to command the confidence of the community in the proposed bank. History:  (7700) RL s 3009; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1986 c 444; 1995 c 171 s 34
MN Stat § 50.04 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 50 — Savings Banks|Section 50.04 — Bonds Of Trustees Or Directors.

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 same with the commissioner of commerce. An action may be maintained on this bond by any person aggrieved by breach of any of its conditions, upon leave granted by any judge of the district court, for such damages as the plaintiff may be entitled to, not exceeding its amount; and like successive actions may be maintained until such amount is exhausted. History:  (7703) RL s 3012; 1976 c 181 s 2; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1986 c 444; 1995 c 171 s 35
MN Stat § 50.05 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 50 — Savings Banks|Section 50.05 — Bonds Of Officers And Employees.

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 to do business in this state, or by a fidelity insurance policy written by a solvent insurance company in good standing authorized to do business in this state. The commissioner of commerce or the board of directors of the savings bank may require an increase of the amount of the bond whenever either deems it necessary. This section shall not require the bonding or insuring of officers or directors of a savings bank not having active management or control of the savings bank or of employees of a savings bank not holding positions of trust. Any bond given or contract of insurance secured shall be in favor of the savings bank. History:  (7704) RL s 3013; 1986 c 444; 1995 c 171 s 36
MN Stat § 50.06 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 50 — Savings Banks|Section 50.06 — Directors.

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 director is authorized to act. The persons named in the certificate of authorization shall constitute the first board. Subd. 2. Classes. In its certificate of incorporation, a corporation may establish classes of its directors and the terms for each class. No class may be elected for a term of less than one year, or more than five years, and the term of office of at least one class must expire each year. Subd. 3. Vacancies. Each vacancy shall be filled by the board as soon as practicable, at a regular meeting thereof, except when a resolution reducing the number of directors named in its charter to a number not less than seven shall have been incorporated into its bylaws, and a copy thereof filed with the commissioner of commerce, in which case vacancies shall not be filled until the number has been reduced to that specified in this resolution. The number may be increased to any number specified in a like resolution, consented to, in writing, by the commissioner of commerce. Subd. 4. Quorum to do business. A majority of the directors constitutes a quorum for the transaction of business. Subd. 5. Action without meeting. Any action which might be taken at a meeting of the board of directors may be taken without a meeting if done in writing signed by all of the directors. History:  (7705) RL s 3014; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1995 c 171 s 37; 2005 c 69 art 1 s 14
MN Stat § 50.065 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 50 — Savings Banks|Section 50.065 — Officers.

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 election and their respective duties must be prescribed in the certificate of incorporation or in the bylaws. Only one president of record may act on behalf of the savings bank; however, additional officers may be titled president for purposes of empowering those additional officers to function as managing officers of detached facilities of banks. History:   2005 c 69 art 1 s 15
MN Stat § 50.11 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 50 — Savings Banks|Section 50.11 — Securities Held For Safekeeping; Safe Deposit Boxes; Limitation Of Liability.

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 of any such state or territory, and it may provide for, and hire to, its depositors safe deposit boxes in which to keep securities and valuable papers, but the liability of a savings bank to any person or association of persons on account of hiring such safe deposit box or boxes shall in no event exceed $20,000. History:  (7710) 1923 c 312 s 1; 1995 c 171 s 39
MN Stat § 50.13 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 50 — Savings Banks|Section 50.13 — Real Estate.

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 so received in exchange shall not be carried on the books of the bank at a price exceeding the cost of that exchanged, less the cash payment, and all real estate so acquired shall be sold within ten years after its acquirement, unless the time is extended by the commissioner of commerce on application of the board of directors. History:  (7713) RL s 3021; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1995 c 171 s 40
MN Stat § 50.145 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 50 — Savings Banks|Section 50.145 — Authorized Investments; General Authority.

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 securities as are legal investments for state banks and trust companies in Minnesota, but subject however to any limitation in such power that may be imposed by the commissioner of commerce, and the total amount of the investments made by any bank pursuant to this section and held at any one time shall not exceed 20 percent of the deposit liability of such bank, and not to exceed three-fourths of one percent of the deposit liability of such bank may be invested pursuant hereto in the securities or obligations of any one obligor. History:  1947 c 78 s 1; 1959 c 88 s 16; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1995 c 171 s 45
MN Stat § 50.146 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 50 — Savings Banks|Section 50.146 — Authorized Investments; Corporations.

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 state, except banks, bank holding companies and trust companies, provided the net earnings of such corporation available for its fixed charges for five fiscal years next preceding the date of investment shall have averaged per year not less than 1-1/2 times the sum of its annual fixed interest charges, if any, its annual maximum contingent interest, if any, and its annual preferred dividend requirements; and during either of the last two years of such period, such net earnings shall have been not less than 1-1/2 times the sum of its fixed interest charges, if any, contingent interest, if any, and preferred dividend requirements for such year. (b) The common stocks of any corporation organized under the laws of the United States or of any state, except banks, bank holding companies and trust companies, provided such stocks are registered on a national securities exchange, and such corporation shall have earned and paid cash dividends on its common stocks in each year for a period of ten fiscal years next preceding the date of investment. (c) The stocks and bonds, notes, debentures or any other obligation of any corporation organized under the laws of the United States or of any state, except the stock of banks, bank holding companies and trust companies located in the Ninth Federal Reserve District, provided such investment shall be made with such prudence, discretion, and intelligence as will protect the safety of the principal of such investment as well as the income to be derived therefrom. Subd. 2. General limitations. No investment shall be made by a savings bank pursuant to subdivision 1 in any corporation if the total amounts so invested by it exceeds an amount equal to 15 percent of its assets, or if the total investment in any one corporation exceeds (1) in amount, one-half of one percent of the assets of the savings bank, or (2) in number of shares, one percent of the total issued and outstanding shares of stock of such corporation, or if the total investment pursuant to the provisions of paragraph (c) of subdivision 1 exceeds an amount equal to three percent of the assets of the savings bank, nor shall any investment be made in any corporation with assets of less than ten million dollars. Subd. 3. Specific limitation; domestic savings banks. Investments made pursuant to subdivision 1 shall be limited to savings banks organized under the laws of this state. History:  1959 c 120 s 1-3; 1965 c 46 s 1; 1969 c 51 s 2,3; 1995 c 171 s 46
MN Stat § 50.1465 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 50 — Savings Banks|Section 50.1465 — Authorized Investments; Service Corporations.

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 or a majority of the capital stock of the corporation is owned by the savings bank, and if substantially all of the activity of the corporation consists of: (1) activities in which the savings bank could engage directly; (2) activities in which a state bank or national bank, or a subsidiary of a state bank or national bank, is authorized to engage as of August 1, 1995; and (3) activities in which any state bank or national bank becomes authorized to engage after August 1, 1995, which are authorized by the commissioner. Subd. 2. Restriction. No savings bank may make any investment under subdivision 1 in a subsidiary that engages primarily in activities in which the savings bank could not engage directly if its aggregate outstanding investment under this section in all subsidiaries that engage in activities in which the savings bank could not engage directly exceeds 25 percent of the capital stock and surplus of the savings bank. History:  1979 c 321 s 2; 1995 c 171 s 47
MN Stat § 50.147 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 50 — Savings Banks|Section 50.147 — Authorized Investments; Student Loans.

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 governmental student loan guarantee plan, or both. The borrower shall certify to the lender that the proceeds of the loan are to be used by a student solely for the payment of expenses of college, university or vocational education. History:   1969 c 658 s 1
MN Stat § 50.148 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 50 — Savings Banks|Section 50.148 — Authorized Investments; Manufactured Home Loans.

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 therein, in an amount not exceeding $30,000 repayable in installments, and the installment payments shall not exceed 15 years and 32 days from the date of the loan, notwithstanding that such loan is required to be repaid in installments or that the loan is secured by mortgage, pledge, or other collateral. Section 50.1485, subdivision 2, applies to all manufactured home loans made pursuant to the authority granted by this section. The authority granted by this section shall not extend to loans which finance the acquisition of inventory by a manufactured home dealer. A savings bank may purchase or invest in notes, bonds and retail installment sales contracts secured by or constituting first liens upon manufactured homes. History:  1973 c 426 s 2; 1977 c 5 s 2; 1981 c 365 s 9; 1995 c 171 s 48
MN Stat § 50.155 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 50 — Savings Banks|Section 50.155 — Purchase Of Certain Mortgage Loans.

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 instrumentality thereof under the Servicemen's Readjustment Act of 1944 and amendments thereof provided that the unguaranteed portion of such loan does not exceed 70 percent of the appraised value of the security. History:  1945 c 236 s 1; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1995 c 171 s 50
MN Stat § 50.171 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 50 — Savings Banks|Section 50.171 — Treasury Tax And Loan Accounts Of The United States.

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 regulations of the Department of the Treasury of the United States. History:   1978 c 747 s 1
MN Stat § 50.175 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 50 — Savings Banks|Section 50.175 — Negotiable Order Of Withdrawal Account.

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 accounts are subject to the right of the savings bank to require the depositor or account holder to give notice of an intended withdrawal not less than 14 days before the withdrawal is made, even though in practice the notice is not regularly required and the depositor or account holder is allowed to make withdrawals by negotiable or transferable instruments for the purpose of making payments to third persons or otherwise. Subd. 2. Reserves. A savings bank shall maintain reserves in the form of liquid assets at a level reasonably necessary to meet anticipated withdrawals, commitments, and loan demand. Reserves shall be in cash, cash items in process of collection, short term obligations of or demand balances with other insured financial institutions in the United States and its territories, or short term, direct obligations of or guaranteed by the United States government. Obligations must mature within one year to be considered short term. The commissioner may prescribe the required amount of reserves in relation to liabilities for any individual savings bank from time to time based upon examination findings or other reports relating to the savings bank that are available to the commissioner. Reserves for an individual savings bank as prescribed by the commissioner pursuant to this section shall be enforced in accordance with sections 46.24 and 46.30 to 46.33. History:  1977 c 104 s 1; 1981 c 182 s 3; 1982 c 424 s 130; 1995 c 171 s 52; 1997 c 187 art 3 s 9
MN Stat § 50.18 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 50 — Savings Banks|Section 50.18 — Method Of Determining Surplus.

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 not above cost. As to stocks, bonds, and notes having more than six months accrued and unpaid interest, and all other investments not herein enumerated, their value shall be determined by the commissioner of commerce, who may change their valuation from time to time. History:  (7718) RL s 3026; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92
MN Stat § 50.19 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 50 — Savings Banks|Section 50.19 — Reports To The Commissioner.

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 art 1 s 92; 1995 c 171 s 53
MN Stat § 50.20 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 50 — Savings Banks|Section 50.20 — Report To Show Liabilities.

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 against it which are or may be a charge upon its assets. It shall also state the amount deposited during the previous year and the amounts withdrawn during the same period; the whole amount of interest or profits received or earned and the amount of dividends or interest credited to depositors; the number of accounts opened or reopened; the number of accounts closed during the year; and the number of open accounts at the end of the year; and such other information as may be required by the commissioner of commerce. History:  (7720) RL s 3028; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92
MN Stat § 50.212 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 50 — Savings Banks|Section 50.212 — Savings Bank Regulation.

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. Subd. 2. Commissioner supervision. The commissioner shall supervise the books, records, and affairs of all savings banks doing business in the state as provided in section 46.04. Subd. 3. Official communications referred to directors. Each official communication from the commissioner to a savings bank relating to any examination conducted by the commissioner or containing suggestions and recommendations as to the conduct of business of the savings bank, shall be submitted by the officer receiving it to the board of directors at the next meeting of the board and noted in the meeting minutes. History:   1995 c 171 s 55
MN Stat § 50.24 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 50 — Savings Banks|Section 50.24 — Existing Banks Conformed; Exceptions.

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 charter or act shall be conformed to the provisions hereof; and every such savings corporation shall possess the powers and privileges, and be subject to the duties, liabilities, and restrictions herein prescribed; but investments heretofore lawfully made shall be unaffected by this section, if the same be conformed to the provisions of this chapter as rapidly as may be, in the ordinary course of business, without loss or embarrassment to the bank and its patrons; provided, that savings banks organized and existing prior to the passage of Laws 1879, chapter 109, may continue under the laws then in force applicable thereto and amendatory thereof until they reorganize hereunder, unaffected by any provision in Revised Laws 1905, repealing the same, expressly or by implication. History:  (7724) RL s 3032