reglab/housing_qa huggingface dataset:
MN Stat § 49.07 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 49 — Liquidation, Consolidation, Merger|Section 49.07 — Reorganization During Liquidation.

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 depositors and unsecured creditors of such bank or trust company and the bank or trust company or reorganizers thereof which represent 90 percent of the amount of deposits and unsecured claims of the bank or trust company, then and in such case all other depositors and unsecured creditors shall be held to be subject to this agreement to the same extent and with the same effect as if they had joined in the execution thereof, and their claims shall be treated in all respects as if they had joined in the execution of the articles or reorganization plan in the event of restoration of the bank or trust company to solvency, and the reopening of the same for business. Subd. 2. Deposits. All deposits made in any state bank or trust company subsequent to the passage of Laws 1925, chapter 38, shall be subject to the provisions of this section. Subd. 3. Deposits exempt. Deposits of the state, counties, cities, towns and school districts are exempt from the operation of this section. History:  (7690-1, 7690-2, 7690-3) 1925 c 38 s 1-3; 1945 c 128 s 8; 1973 c 123 art 5 s 7; 1986 c 444
MN Stat § 49.17 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 49 — Liquidation, Consolidation, Merger|Section 49.17 — Assessments Against Stockholders; Orders For.

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 the commissioner shall find and determine that the corporation is insolvent, and it is necessary, in order that the creditors thereof may be paid, to levy an assessment on and against the stockholders of the corporation, in such case the commissioner is hereby authorized and empowered to make and file an order in the commissioner's office, levying an assessment against and upon the stockholders of the corporation. This order shall set forth a summary statement of the assets of the corporation and the probable value thereof, and of the deposits and other liabilities of the corporation, and state the reason for the assessment and the rate thereof against each share of stock, and fix the time within which the assessment must be paid, which time shall not be less than 40 days from the date of filing the order. A certified copy of the order shall be filed in the office of the court administrator in the county where the corporation has its principal place of business. A copy of the order shall be served by the commissioner of commerce, by certified mail, on each of the stockholders of the corporation, directed to the stockholder's last known address, within ten days after the filing of the order in the office of the commissioner. History:  (7699-20) 1927 c 254 s 1; 1978 c 674 s 60; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1986 c 444; 1Sp1986 c 3 art 1 s 82
MN Stat § 49.18 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 49 — Liquidation, Consolidation, Merger|Section 49.18 — Review Of Orders Of Commissioner.

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 requesting review upon the commissioner within 20 days after the service of the order upon the aggrieved party. This notice, with proof of service, shall be filed within ten days after service with the court administrator of the district court in the county where the corporation has its principal place of business. The district court then has jurisdiction to consider the necessity of levying the assessment. It shall hear and determine the matter de novo in or out of term at any place in the district. This hearing shall take precedence of all other matters and may be held upon ten days' written notice by either party. The judge shall make such order in the premises as is proper, and may affirm, vacate, or modify the commissioner's order. An appeal may be taken therefrom as in other civil cases. During the pendency of the appeal the commissioner of commerce shall remain in charge of the business, property, and assets of the corporation involved. History:  (7699-21) 1927 c 254 s 2; 1983 c 247 s 26; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1Sp1986 c 3 art 1 s 82
MN Stat § 49.19 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 49 — Liquidation, Consolidation, Merger|Section 49.19 — Defenses By Stockholders.

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
MN Stat § 49.20 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 49 — Liquidation, Consolidation, Merger|Section 49.20 — Remedy Exclusive.

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 liquidation by the commissioner. History:  (7699-23) 1927 c 254 s 4; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1986 c 444
MN Stat § 49.30 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 49 — Liquidation, Consolidation, Merger|Section 49.30 — Committee To Complete Liquidation.

49.30 COMMITTEE TO COMPLETE LIQUIDATION. At any time after a period of three years shall have elapsed, after the commissioner shall have taken possession of the business and property of a financial institution, a majority of the creditors in number and amount may petition the court for the appointment of a committee of three competent persons, residents of the county, named by them, the court may make such appointment, and any officer or member of the board of directors of the financial institution may be appointed as members of said committee, if residents of the county. All rights and duties of the commissioner shall then devolve upon the committee. History:  (7683) RL s 2999; 1933 c 310 s 1; 1945 c 128 s 10
MN Stat § 49.31 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 49 — Liquidation, Consolidation, Merger|Section 49.31 — Committee To Furnish Bonds.

49.31 COMMITTEE TO FURNISH BONDS. The committee provided for by section 49.30 shall furnish adequate bond, to be approved by the district court, for the faithful performance of its duties. History:  (7683-1) 1933 c 310 s 2
MN Stat § 49.32 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 49 — Liquidation, Consolidation, Merger|Section 49.32 — Discharge Of Commissioner As Statutory Liquidator.

49.32 DISCHARGE OF COMMISSIONER AS STATUTORY LIQUIDATOR. Upon this order of the court, the commissioner shall be discharged as statutory liquidator of the financial institution and released from any further liability thereunder. History:  (7683-2) 1933 c 310 s 3; 1945 c 128 s 11
MN Stat § 49.33 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 49 — Liquidation, Consolidation, Merger|Section 49.33 — Consolidation And Merger, When Authorized.

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 bank, or trust company for the purpose of consolidating or merging, but the same shall be without prejudice to the creditors of either. History:  (7692) RL s 3004; 1983 c 289 s 114 subd 1; 1989 c 166 s 8; 1997 c 157 s 31
MN Stat § 49.35 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 49 — Liquidation, Consolidation, Merger|Section 49.35 — Consolidation Or Merger Agreement.

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 consolidation or merger of the corporations. The agreement shall specify each corporation to be a party to the transaction, and shall prescribe the terms and conditions thereof; the mode of carrying it into effect; the authorized capital stock of the consolidated or surviving corporation; the name of the consolidated or surviving corporation, which may be the name, in whole or in part, of any corporation which is a party to the agreement, and shall specify the city in which it shall have its principal place of business. It shall name the persons who shall constitute the board of directors of the consolidated or surviving corporation, but the number and qualifications of these persons shall be in accordance with the statutes relating to the number and qualifications of directors of that class of corporation. History:  (7699-6) 1925 c 156 s 2; 1973 c 123 art 5 s 7; 1989 c 166 s 10; 1993 c 257 s 26
MN Stat § 49.36 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 49 — Liquidation, Consolidation, Merger|Section 49.36 — Approval By Commissioner.

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 commissioner of commerce for approval with a fee of $2,000 payable to the commissioner of commerce. The agreement shall not be effective until so approved by the commissioner. The commissioner shall take action after the documents are submitted, and is entitled to further information from any party to the transaction as may be requested by the commissioner, or as may be obtained upon a hearing directed by the commissioner. Subd. 2. Procedures. The procedures contained in section 47.54 must also be adhered to when a merger, consolidation, or purchase of assets and assumption of liabilities is effected pursuant to section 49.34, subdivision 2. In the event the commissioner has determined that it is necessary and in the public interest to act immediately on a merger, consolidation or purchase of assets and assumption of liabilities to prevent the probable failure of a bank, the commissioner may waive the requirements of section 47.54. Subd. 3. Application decisions. In all applications filed under this section the commissioner in determining whether to approve or disapprove the application shall consider (a) the effects of the proposed merger transaction on competition, (b) the convenience and needs of the community to be served, and (c) the financial and managerial resources and future prospects of the existing and successor banks. Subd. 4. Notice of proposed acquisition. The successor bank shall give reasonable notice of the acquisition to each of the depositors and creditors of an acquired bank or savings association at a time and in a form determined in the discretion of the commissioner. This notice may be coordinated to include federal regulator concerns for impact on deposit insurance of accounts and information designed to alert depositors and creditors of any changes in procedures or practices. If detached facilities are to be closed as a result of transactions authorized by this section, adequate notice shall be provided by the bank prior to closing, unless the commissioner has acted to prevent the probable failure of the bank or savings association, and then as soon as practicable after the acquisition date. History:  (7699-7) 1925 c 156 s 3; 1981 c 57 s 2; 1983 c 250 s 9; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1989 c 166 s 11; 1993 c 257 s 27,28; 1997 c 157 s 32; 1999 c 151 s 24
MN Stat § 49.37 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 49 — Liquidation, Consolidation, Merger|Section 49.37 — Stockholders To Approve; Certificate Of Consolidation Or Merger.

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 does not become binding upon the corporation until it has been approved at each of the meetings required by this section by the vote or ballot of the stockholders, holding at least a majority of the amount of stock of the respective corporations, or a higher percentage as may be required by the certificate of incorporation of the corporations. Proof of the holding of these meetings and the results thereof must be submitted to the commissioner of commerce. After the agreement called for by sections 49.33 to 49.41 has been approved by the stockholders of the respective corporations and by the commissioner of commerce, the latter shall issue a certificate reciting that the corporations have complied with the provisions of sections 49.34 to 49.41 and declaring the consolidation or merger of these corporations and the name of the consolidated or surviving corporation, the amount of capital stock thereof, the names of the first board of directors, and the place of business of the consolidated or surviving corporation, which must be within the city where any of the constituent corporations have been previously authorized to have their places of business. Upon the issuing of this certificate and the filing of it for record in the Office of the Secretary of State, the incorporation is deemed to be complete in the case of the consolidation, and the assets of the constituent corporations merged into the survivor in the case of a merger, and the consolidated or surviving corporation shall, from the date of this certificate, have the term of corporate existence as may be specified in it, not exceeding the longest unexpired term of any constituent corporation. The certificate of the commissioner of commerce is prima facie evidence that all of the provisions of sections 49.34 to 49.41 have been complied with, and is conclusive evidence of the existence of the consolidated or surviving corporation. History:  (7699-8) 1925 c 156 s 4; 1973 c 123 art 5 s 7; 1976 c 181 s 2; 1983 c 250 s 10; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1989 c 166 s 12
MN Stat § 49.39 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 49 — Liquidation, Consolidation, Merger|Section 49.39 — Consolidation Or Merger Of Banks And Trust Companies.

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 existence of that trust company shall be consolidated or merged into that of the consolidated or merged banking corporation to the same extent and with the same effect provided in section 49.38, relating to the consolidation or merger of two or more state banks or trust companies. History:  (7699-9 1/2) 1931 c 348 s 1; 1989 c 166 s 14
MN Stat § 49.40 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 49 — Liquidation, Consolidation, Merger|Section 49.40 — Pending Actions Or Proceedings Not Affected.

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 prosecuted to final judgment, order, or decree in the same manner as if the consolidation or merger had not been made, or the consolidated or merged corporation may be substituted as a party to the action or proceeding, and any judgment, order, or decree may be rendered for or against it that might have been rendered for or against that corporation if the consolidation or merger had not occurred. History:  (7699-10) 1925 c 156 s 6; 1989 c 166 s 15
MN Stat § 49.41 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 49 — Liquidation, Consolidation, Merger|Section 49.41 — Rights Of Dissenting Shareholders.

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 that person's shares. If the consolidation or merger takes effect at any time after this demand, the shareholder may, at any time within 60 days thereafter, apply to the district court in the county wherein is situated the principal place of business of the corporation with which the other or others are consolidated or merged, for the appointment of three persons to appraise the value of that person's shares. The court shall thereupon appoint these appraisers and designate the time and place of their first meeting, with such directions in regard to their proceedings as shall be deemed proper, and also direct the time and manner in which payment shall be made of the value of that person's shares to the shareholder. The appraisers shall meet at the time and place designated, after being duly sworn to discharge their duties honestly and faithfully, make and certify a written estimate of the value of the shares at the time of the appraisal, and deliver one copy to the corporation and another to the shareholder, if demanded. The charges and expenses of the appraisers shall be paid one-half by the shareholder and one-half by the corporation. When the corporation shall have paid the appraised value of the shares, the shares shall be canceled and this shareholder shall cease to be a member of the corporation or to have any interest in the shares or in the corporation or in the corporate property, and the shares may be held and disposed of by the corporation for its own benefit. History:  (7699-11) 1925 c 156 s 7; 1986 c 444; 1989 c 166 s 16; 2005 c 69 art 1 s 13
MN Stat § 49.42 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 49 — Liquidation, Consolidation, Merger|Section 49.42 — State Bank.

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 trust company, or bank exclusively exercising trust powers organized under the laws of the United States. History:  1951 c 99 s 1; 1995 c 171 s 32; 1997 c 157 s 33
MN Stat § 49.43 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 49 — Liquidation, Consolidation, Merger|Section 49.43 — State Bank; Conversion, Merger, Consolidation; National Banking Association.

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 permitted by any law of the United States without approval of any authority of this state, upon the affirmative vote, at a meeting of stockholders called for that purpose, of the holders of not less than two-thirds of the voting power of all stockholders of such state bank entitled under the articles of incorporation to vote. Any stockholder not voting in favor of such conversion or merger or consolidation at such meeting may, at that meeting or within 20 days thereafter, object to the conversion, merger, or consolidation and demand payment for that person's stock at the par value or the book value thereof, whichever shall be the greater. If the conversion, merger or consolidation takes effect at any time after this demand and the resulting national bank has not made payment in the amount demanded, the stockholder may, at any time within 60 days thereafter, apply to the district court in the county wherein is situated the principal place of business of the national banking association into which the state bank has been converted or with which it has merged or consolidated for the appointment of three persons to appraise the value of that person's stock. The court shall thereupon appoint these appraisers and designate the time and place of their first meeting, with such directions in regard to their proceedings as shall be deemed proper and also direct the time and manner in which payment shall be made of the value of that person's stock to the stockholder. The appraisers shall meet at the time and place designated and, after being duly sworn to discharge their duties honestly and faithfully, make and certify a written estimate of the value of the stock at the time of the appraisal and deliver one copy to the national banking association and another to the stockholder. The charges and expenses of the appraisers shall be paid one-half by the stockholder and one-half by the national banking association. When the national banking association shall have paid the appraised value of the stock, the stock shall be canceled and the stockholder shall cease to be a member of the national banking association or to have any interest in the stock or in the corporation or in the corporate property and the stock may be held and disposed of by the national banking association for its own benefit. In lieu of the rights given a dissenting stockholder by this section, the stockholder may exercise any rights given by applicable law of the United States. History:  1951 c 99 s 2; 1986 c 444
MN Stat § 49.45 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 49 — Liquidation, Consolidation, Merger|Section 49.45 — Merger Or Consolidation.

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 shall be effected in the manner provided in sections 49.34 to 49.41, and governed by the provisions thereof except that the name of the consolidated corporation shall not contain the word "national" and except that the rights of dissenting stockholders of the national banking associations shall be those prescribed in cases by the laws of the United States. History:  1951 c 99 s 4; 1981 c 57 s 3
MN Stat § 49.46 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 49 — Liquidation, Consolidation, Merger|Section 49.46 — State Bank, Retention Of Assets.

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 determined by the commissioner, such of the assets of such national banking association as do not conform to the legal requirements relative to assets acquired and held by state banks. History:  1951 c 99 s 5; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1986 c 444
MN Stat § 50.001 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 50 — Savings Banks|Section 50.001 — Application For Certificate Of Authority; Procedure.

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 171 s 33; 2005 c 69 art 3 s 5