reglab/statecodes huggingface dataset:
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.605 — State Banks, Employee Stock Option And Stock Purchase Plans.

48.605 STATE BANKS, EMPLOYEE STOCK OPTION AND STOCK PURCHASE PLANS.
Subdivision 1.
Authority and terms.
Any state bank may grant options to purchase, sell, or enter into agreements to sell shares of its capital stock to its employees, for a consideration of not less than 100 percent of the fair market value of the shares on the date the option is granted or, if pursuant to a stock purchase plan, 85 percent of the fair market value on the date the purchase price is fixed, pursuant to the terms of an employee restricted stock option plan or employee stock purchase plan which has been adopted by the board of directors of the bank and approved by the holders of at least three-fourths of the outstanding shares of the bank entitled to vote and by the commissioner of commerce. Stock options issued hereunder shall not extend beyond a period of ten years from date of issuance and shall otherwise qualify as restricted stock options under the Internal Revenue Code, and acts amendatory thereof.
Subd. 2.
Exercise or purchase.
Employee stock options and stock purchase agreements may provide that options may be exercisable or that shares may be purchased on any business day.
Subd. 3.
Capital stock increase.
Any state bank to carry out the provisions of this section, may increase its capital stock as provided by law and upon approval of the commissioner of commerce as provided by Minnesota Statutes 1961, section 48.04, except that the provisions of said section requiring the entire new capital to be immediately paid in cash shall not apply. Notwithstanding any law to the contrary the bank may hold such authorized but unissued new capital stock but only for the purpose of disposing of the same by the issuing of shares to its employees as authorized by this section. All proceeds from the issuance and sale of such shares shall be paid into the capital and surplus of the bank. Stock and options issued pursuant to this section shall not increase the capital or surplus of the bank until the stock is paid for in full in cash and certified to the commissioner.
History:
1965 c 369 s 1; 1969 c 6 s 8; 1983 c 216 art 1 s 14; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.62 — Bank May Issue Notes Or Debentures.

48.62 BANK MAY ISSUE NOTES OR DEBENTURES.
With the approval of the commissioner any banking institution may, at any time, through action of its board of directors and without requiring any action of its stockholders, issue and sell its capital notes or debentures. These capital notes or debentures shall be subordinate and subject to the claims of depositors and may be subordinated and subjected to the claims of other creditors.
In determining whether the capital of any banking institution is impaired, outstanding capital notes or debentures, legally issued by the institution and sold by it to the Reconstruction Finance Corporation, shall not be considered as liabilities of the institutions, but for all other purposes they shall be, and shall be considered as, liabilities of the institution.
No capital notes, or debentures, shall be retired or paid by any such institutions if this retirement or payment would impair the capital of the institution.
These capital notes or debentures shall in no case be subject to any assessment. The holders of the capital notes or debentures shall not be held individually responsible, as holders, for any debts, contracts, or engagements of the institutions, and shall not be held liable for assessments to restore impairments in the capital of the institution.
Any required reserve established for the retirement of capital notes or debentures may be considered as surplus, and the term "surplus" in any laws of this state pertaining to state banks shall be deemed to include such reserve, if an agreement is filed with the commissioner to transfer such reserve to surplus upon the request of the commissioner after the capital notes or debentures have matured.
History:
(7697-7) 1935 c 305 s 1; 1967 c 102 s 9
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.63 — Security For Deposits Not Required.

48.63 SECURITY FOR DEPOSITS NOT REQUIRED.
Notwithstanding any provisions of law of this state requiring security for deposits in any bank or trust company in the form of collateral, surety bond or any other form, security for such deposits shall not be required to the extent the deposits are insured under the provisions of section 12B of the Federal Reserve Act, as amended (Mason's United States Code Annotated, title 12, section 264), or any amendments thereto.
History:
(7697-8) 1935 c 317 s 1
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.64 — Deposits Of Trust Funds.

48.64 DEPOSITS OF TRUST FUNDS.
Any person, firm, or corporation appointed by a court of competent jurisdiction as representative of the estate of a deceased person, or as guardian or conservator, or any trustee of a firefighters' relief association, or any referee, receiver, or trustee appointed by a court of record in this state, may deposit funds for safekeeping and disbursing, unless otherwise directed by the court, in any bank, credit union, if the beneficial owner is a member, or trust company, however organized, the deposits of which are insured, in whole or in part, by an agency of the federal government insuring deposits, to the extent that the funds so deposited are fully insured.
History:
(7697-9) 1937 c 318 s 1; 1977 c 429 s 63; 1986 c 444; 1993 c 257 s 24; 1999 c 171 s 5
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.74 — Funds And Property Held In Fiduciary Capacity.

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 all fiduciary funds deposited or held as fiduciary by the bank awaiting investment shall be carried in a separate account, and shall not be used by the bank in the conduct of its business, unless the bank, under authorization by its board of directors, first delivers to the commissioner of commerce, as collateral security: (1) Bonds, notes, bills, certificates of indebtedness, or other direct obligations of the United States or its instrumentalities, or obligations fully guaranteed by the United States as to principal and interest; or (2) other readily marketable securities of the classes in which said trust companies or state banks exercising trust powers are authorized or permitted to invest trust funds under the laws of this state. Every security or property in which the funds held by it as trustee, personal representative, guardian, conservator, receiver, or assignee, or in any other fiduciary capacity are invested, shall at once upon receipt thereof be immediately entered in the proper books as belonging to the particular fiduciary account whose funds have been invested therein. Any change in such investment shall be fully specified in and under the account of the particular fiduciary account to which it belongs, so that all fiduciary funds and property can be readily identified at any time, by any person. Any trust company incorporated under the laws of this state and any national banking association authorized to act in a fiduciary capacity in this state, when acting in a fiduciary capacity, either alone or jointly with an individual or individuals, may, with the consent of such individual fiduciary or fiduciaries, who are hereby authorized to give such consent, cause any stocks, securities, or other property now held or hereafter acquired in such capacity to be registered and held in the name of a nominee or nominees of such corporate fiduciary without mention of the fiduciary relationship. Any such corporate fiduciary shall be liable for any loss occasioned by the acts of any of its nominees with respect to such stocks, securities or other property so registered.
History:
(7739) RL s 3044; 1943 c 339 s 1; 1959 c 88 s 14; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1999 c 171 s 5
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.88 — Violations; Penalties.

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.
[Repealed, 1994 c 382 s 15]
History:
(7699-13 1/2a, 7699-19) 1927 c 257 s 6; 1929 c 144 s 2; 1Sp1981 c 4 art 2 s 5
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.892 — Clerical Services Offices.

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 performances of those services will be subject to regulation and examination by the commissioner to the same extent as if the services were being performed at the bank's main office or detached facility. A data processing and storage center is not considered a branch or detached facility, as defined in section 47.51. The establishment of a data processing and storage center may include acquiring real and personal property, which shall be subject to section 47.10.
History:
1989 c 129 s 3
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.90 — Legislative Intent.

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 1994 to provide for interstate banking on a nationwide basis and to preserve certain state law, policy, and practices.
Subd. 2.
Nonaffected activities.
Laws 1986, chapter 339 should not be construed to limit the power granted to a bank in this state to conduct its business or to limit the conduct of business by any bank holding company in which the operation of its banking subsidiaries are principally conducted in this state.
Subd. 3.
Prohibited activities.
Laws 1986, chapter 339 does not authorize:
(1) the establishment in this state of branch offices of a banking subsidiary of any out-of-state bank holding company making an acquisition pursuant to Laws 1986, chapter 339 if the banking subsidiary does not have its principal place of business in this state; or
(2) the establishment in this state of branch offices of a bank having its principal place of business in this state unless authorized by sections 47.51 to 47.57.
History:
1986 c 339 s 4; 1995 c 202 art 4 s 7
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.92 — Definitions.

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 to be organized pursuant to chapters 46, 47, 48, and 300, means that term as defined in section 46.048, subdivision 1.
Subd. 3.
Bank.
"Bank" means any bank, or bank and trust company which is now or may hereafter be organized under the laws of this state that is an insured institution as the term is defined in section 3(h) of the Federal Deposit Insurance Act, United States Code, title 12, section 1813(h), that:
(1) accepts deposits that the depositor has a legal right to withdraw on demand; and
(2) engages in the business of making commercial loans.
Subd. 4.
Commissioner.
"Commissioner" means the commissioner of commerce of the state of Minnesota.
Subd. 5.
Department.
"Department" means the Department of Commerce of the state of Minnesota.
Subd. 6.
Home state.
"Home state" means: (1) with respect to a national bank, the state in which the main office of the bank is located; (2) with respect to a state bank, the state by which the bank is chartered; and (3) with respect to a bank holding company, the state in which the total deposits of all banking subsidiaries of the company are the largest on the later of (i) July 1, 1966, or (ii) the date on which the company becomes a bank holding company under the Bank Holding Company Act of 1956, as amended, United States Code, title 12, section 1842.
Subd. 7.
Host state.
"Host state" is a state other than the home state of the bank holding company, in which the company controls, or seeks to control, a bank subsidiary.
Subd. 8.
Out-of-state bank holding company.
"Out-of-state bank holding company" means a bank holding company as defined in the Bank Holding Company Act of 1956, as amended, whose home state is a state other than Minnesota.
Subd. 9.
Interstate bank holding company.
"Interstate bank holding company" means (a) a bank holding company whose home state is Minnesota and that is engaging in interstate banking, and (b) an out-of-state bank holding company engaged in banking in this state.
Subd. 10.
Equity capital.
"Equity capital" means the sum of common stock, preferred stock, paid in surplus, reserves for loss loans and undivided profits.
Subd. 11.
Out-of-state bank.
"Out-of-state bank" means a bank whose home state is other than Minnesota.
History:
1986 c 339 s 6; 1Sp1986 c 3 art 2 s 24; 1987 c 349 art 1 s 19; 1988 c 616 s 1; 1990 c 491 art 4 s 1; 1991 c 296 s 1; 1994 c 484 s 1; 1995 c 202 art 1 s 12; art 4 s 9-14
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.96 — Supervision.

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 authorities in lieu of conducting its own examinations. The department may enter into joint actions with federal or state regulatory authorities responsible for supervision of out-of-state bank holding companies to carry out its responsibilities and assure compliance with the laws of this state.
History:
1986 c 339 s 10; 1995 c 202 art 4 s 18
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48 — Banks › Section 48.992 — Exemption.

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 resolution and files a certified copy of it as required by subdivision 2, the bank or bank holding company may not be acquired under section 48.93.
Subd. 2.
Filing.
If a resolution is adopted under this section, the board of directors shall file a certified copy of the resolution with the department in person or by certified mail. The board of directors may revoke the resolution by notifying the department in writing of its decision to revoke the resolution.
History:
1986 c 339 s 15; 1Sp1986 c 3 art 2 s 26
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48A — Trust Companies › Section 48A.02 — Application For State Trust Company Charter.

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 1, clauses (1) to (6).
Subd. 2.
Conditions.
The commissioner shall grant an application for a trust company charter if:
(1) the applicants are of good moral character and financial integrity;
(2) there is reasonable public demand for this trust company in this location that:
(i) considers the needs of the community for trust service of the kind applied for and the probable volume of trust business available to the applicant; and
(ii) the probable volume of business in this location is sufficient to ensure and maintain the solvency of the new trust company and the solvency of the existing trust company or trust companies in the locality;
(3) the commissioner is satisfied the proposed trust company will be properly and safely managed considering:
(i) the general character and ability of the proposed management;
(ii) the nature of the supervision to be given to the proposed trust activities, including the qualifications and experience of the members of the proposed trust investment committee;
(iii) the qualifications, experience, and character of the proposed executive officer or officers of the trust company; and
(iv) whether the trust company will have available competent legal counsel to advise and pass upon trust matters whenever necessary;
(4) the commissioner is satisfied that the capital funds are available and the commissioner may accept any reasonable demonstration including subscription agreements supported by current financial statements; and
(5) any other facts and circumstances that the commissioner considers proper.
The commissioner shall deny an application that does not satisfy the requirements of this subdivision.
History:
1998 c 331 s 15
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48A — Trust Companies › Section 48A.04 — Certain Trust Companies May Assume Powers Of State Banks.

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 is subject to and must comply with all the laws of this state applicable to state banks.
Subd. 2.
Application.
In considering the application of a trust company to assume the powers of a state bank, the department shall proceed in the same manner and be governed by the same laws that are applicable to applications for charters for new state banks.
Subd. 3.
Certificates to be amended.
In order to exercise the powers granted under this subdivision, the trust company shall amend its certificate of incorporation to include the additional powers of a state banking corporation. This amendment may include the change of the corporate name of the trust company. The trust company shall display in its place of business the certificate of the authorization issued by the commissioner of commerce.
Amendments to the certificate of incorporation must be made under section 47.171. Before becoming effective, these amendments must be approved by the department and the approval must be endorsed upon the certificate of amendment.
Subd. 4.
Trust companies to comply with certain laws.
No trust company of this state shall conduct a banking business, as defined in section 47.02, exercising deposit taking powers, without complying with the reserve requirements of section 48.221.
History:
1998 c 331 s 17; 2005 c 69 art 3 s 3,4
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48A — Trust Companies › Section 48A.05 — National Associations; Powers.

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 engage. The commissioner may not authorize trust companies to engage in an activity prohibited by the laws of this state.
History:
1998 c 331 s 18
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48A — Trust Companies › Section 48A.06 — Prohibited Dealings And Indebtedness.

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 other property to a director, officer, agent, or employee.
(c) A director, officer, agent, or employee of a trust company shall not become indebted to it by means of an overdraft, promissory note, account, endorsement, guaranty, or any other contract. A director, officer, agent, or employee who violates this paragraph is guilty of theft of the amount of the indebtedness from the time of its creation.
History:
1998 c 331 s 19
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48A — Trust Companies › Section 48A.08 — Incidental Investments, Powers, And Limitations.

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) The bank or trust company may acquire, use, and improve, and for that purpose mortgage, lease, sell, and convey, real and personal property that is necessary for the transaction of its business.
(b) The bank or trust company may sell or continue to hold and use for its interests or those of the estate or trust to which it belongs an estate or interest in real estate that the bank or trust company acquires through foreclosure of a mortgage, trust deed, or other security, or by the settlement of an obligation or otherwise in the course of its business.
(c) The bank or trust company may become the purchaser at a foreclosure or judicial sale to which it is a party as trustee or otherwise.
(d) The bank or trust company may accept or make a deed, mortgage, or other instrument necessary for the transaction of its business. It may loan money and secure the loans by mortgage, trust deed or pledge, and/or purchase. It may sell and assign notes, bonds, mortgages, and other evidences of indebtedness, and securities, and convert them into cash or into other authorized securities, or securities and property not expressly prohibited by this chapter.
(e) The investment of funds owned by the trust company, as distinguished from funds held by it in trust, are restricted to authorized securities.
(f) The bank or trust company may guarantee a title to securities sold and transferred by it.
(g) The bank or trust company may become sole surety upon a bond. For trust companies organized after April 10, 1965, the bond must pertain to its own fiduciary activities.
(h) The bank or trust company may maintain and operate safe deposit vaults.
(i) The bank or trust company shall not invest its capital or surplus in real estate except as authorized. It shall not invest deposits, trust funds, or property except as authorized, or under or by virtue of an express contract, judgment, or other instrument conferring or imposing special power and authority so to do.
Subd. 3.
Powers of court; annual report to the court.
The bank or trust company is subject at all times to the orders, judgments, and decrees of a court of record from which it has accepted a trust, appointment, or commission as to the trust. It shall provide to the court itemized and verified accounts, statements, and reports required by law, or as the court orders as to a particular trust. The bank or trust company is subject to the general jurisdiction and authority of the district court of the county of its principal place of business.
History:
1998 c 331 s 21
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48A — Trust Companies › Section 48A.09 — Definitions.

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 controlled by the corporation that owns or controls that other bank or trust company, including a wholly owned subsidiary of the other bank or trust company.
Subd. 3.
Bank.
"Bank" means a state bank permitted to exercise trust powers under sections 48.37 to 48.47, and a national bank authorized to exercise fiduciary powers under the laws of the United States, including a national bank whose operations are limited to those of a trust company and related activities.
Subd. 4.
Fiduciary capacity.
"Fiduciary capacity" means a capacity resulting from a bank undertaking to act alone or jointly with others primarily for the benefit of another in all matters connected with its undertaking. The term includes, but is not limited to, the capacities of trustee, including trustee of a common trust fund; executor; administrator; personal representative; registrar or transfer agent with respect to stocks, bonds, or other evidences of indebtedness of a corporation, association, municipality, state or public authority; guardian of estates; conservator; receiver; escrow agent; agent for the investment of money; attorney-in-fact; or any other similar capacity.
Subd. 5.
Trust company.
"Trust company" means a trust company incorporated under the laws of this state that is duly authorized to exercise fiduciary powers.
History:
1998 c 331 s 22
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48A — Trust Companies › Section 48A.11 — National Banks As Fiduciaries.

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 of the Comptroller of the Currency under the provisions of United States Code, title 12, section 92a, may without oath or security assign, transfer to, and deposit with the commissioner, the kinds and amounts of authorized securities required by section 48A.03 of a bank or trust company in a city in which the national bank is located. If the national bank has a capital of $500,000 or more, it is not required to deposit these securities for more than the lesser of $1,000,000 or ten percent of the amount of assets the bank is acting in a fiduciary capacity for at offices located in Minnesota. The securities so deposited must be held and maintained as a guaranty fund for the national bank for the performance of its duties in this fiduciary capacity.
When a national bank has complied with section 48A.03, no oath or security is required of it to accept and perform the trust, as provided in section 48A.07, subdivision 4.
For purposes of this section, "bank" and "trust company" have the meanings given in section 48A.09.
History:
1998 c 331 s 24; 2020 c 80 art 1 s 2
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48A — Trust Companies › Section 48A.13 — State Trust Company Principal Office.

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 company for service of process.
Subd. 3.
Notice of change.
A state trust company not authorized to engage in the business of banking may change its principal office to a location within this state by filing a written notice with the commissioner setting forth the name of the state trust company, the street address of its principal office before the change, the street address to which the principal office is to be changed, and a copy of the resolution adopted by the board authorizing the change.
The change of principal office takes effect on the 31st day after the date the commissioner receives the notice under this subdivision, unless the commissioner establishes an earlier or later date or unless before that day the commissioner notifies the state trust company that it must establish to the satisfaction of the commissioner that the relocation is consistent with the original determination made under section 48A.02, for the establishment of a state trust company at that location, in which event the change of principal office takes effect when approved by the commissioner.
History:
1998 c 331 s 26
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48A — Trust Companies › Section 48A.14 — State Trust Institutions; Representative Trust Offices.

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 office by filing a written notice with the commissioner setting forth the name of the state trust institution and the location of the proposed additional office, together with a copy of the resolution adopted by the board authorizing the additional office, and a filing fee of $250.
(b) The state trust institution may begin business at the additional office on the 31st day after the date the commissioner receives the notice, unless the commissioner specifies an earlier or later date.
Subd. 2.
Review by commissioner.
The 30-day period of review may be extended by the commissioner on a determination that the written notice raises issues that require additional information or additional time for analysis. If the period of review is extended, the state trust institution may establish the additional office only on prior written approval by the commissioner.
Subd. 3.
Disapproval.
The commissioner may deny approval of the additional office if the commissioner finds that the state trust institution lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office would be contrary to the public interest.
History:
1998 c 331 s 27
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48A — Trust Companies › Section 48A.16 — Detached Facilities.

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 c 331 s 29
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48A — Trust Companies › Section 48A.17 — Authority For Out-of-state Trust Offices; Prior Written Notice.

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 shall:
(1) file a notice on a form prescribed by the commissioner stating the name of the state trust institution, the location of the proposed office, and whether the laws of the jurisdiction where the office will be located permit the office to be maintained by the state trust institution;
(2) furnish a copy of the resolution adopted by the board authorizing the out-of-state office; and
(3) pay the filing fee of $250.
(b) The state trust institution may begin business at the additional office on the 31st day after the date the commissioner receives the notice, unless the commissioner specifies an earlier or later date.
(c) The 30-day period of review may be extended by the commissioner if the written notice raises issues that require additional information or additional time for analysis. If the period of review is extended, the state trust institution may establish the additional office only on prior written approval by the commissioner.
(d) The commissioner may deny approval of the additional office if the commissioner finds that the state trust institution lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office would be contrary to the public interest. In acting on the notice, the commissioner shall consider the views of the appropriate bank supervisory agencies.
History:
1998 c 331 s 30
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48A — Trust Companies › Section 48A.19 — Out-of-state Trust Institution Representative Trust Offices.

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 out-of-state trust institution may establish or acquire and maintain a representative trust office in this state. An out-of-state trust institution not maintaining a trust office in this state and desiring to establish or acquire and maintain a representative trust office shall:
(1) file a notice on a form prescribed by the commissioner stating the name of the out-of-state trust institution and the location of the proposed office and satisfactory evidence that it is a trust institution;
(2) furnish a copy of the resolution adopted by the board authorizing the representative trust office; and
(3) pay the filing fee, if any, prescribed by the commissioner.
(c) The out-of-state trust institution may begin business at the representative trust office on the 31st day after the date the commissioner receives the notice, unless the commissioner specifies an earlier or later date.
Subd. 2.
Review by commissioner.
The 30-day period of review may be extended by the commissioner on a determination that the written notice raises issues that require additional information or additional time for analysis. If the period of review is extended, the out-of-state trust institution may establish the representative trust office only on prior written approval by the commissioner.
Subd. 3.
Disapproval.
The commissioner may deny approval of the representative trust office if the commissioner finds that the out-of-state trust institution lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office would be contrary to the public interests. In acting on the notice, the commissioner shall consider the views of the appropriate bank supervisory agencies.
History:
1998 c 331 s 32
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48A — Trust Companies › Section 48A.21 — Notice Of Subsequent Merger, Closing.

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 emergency transaction, shorter notice as is consistent with applicable state or federal law, to the commissioner of:
(1) a merger, consolidation, or other transaction that would cause a change of control with respect to the out-of-state trust institution or any bank holding company that controls the trust institution, with the result that an application would be required to be filed pursuant to the federal Change in Bank Control Act of 1978, as amended, United States Code, title 12, section 1817(j), or the federal Bank Holding Company Act of 1956, as amended, United States Code, title 12, section 1841 et seq., or any successor statutes;
(2) a transfer of all or substantially all of the trust accounts or trust assets of the out-of-state trust institution to another person; or
(3) the closing or disposition of an office in this state.
History:
1998 c 331 s 34
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 48A — Trust Companies › Section 48A.22 — Enforcement.

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 the laws of this state or in an unsafe and unsound manner; or
(2) a company is engaged in an unauthorized trust activity,
the commissioner may take any enforcement action the commissioner could take if the office or the company were a state trust company including, but not limited to, issuing an order temporarily or permanently prohibiting the company from engaging in a trust business in this state.
(b) The commissioner may determine by order that an out-of-state trust institution engaging in or proposing to engage in a trust business in this state does not meet the requirements for establishing a representative trust office in this state according to section 48A.19, the order is effective on the date of issuance or another date the commissioner determines.
Subd. 2.
Immediate enforcement action; subsequent hearing.
In cases involving extraordinary circumstances requiring immediate action, the commissioner may take any action permitted by subdivision 1 without notice or opportunity for hearing but shall promptly upon application of the out-of-state trust institution afford a subsequent hearing to rescind the action taken. The commissioner shall promptly give notice to the home state regulator of each enforcement action taken against an out-of-state trust institution and, to the extent practicable, shall consult and cooperate with the home state regulator in pursuing and resolving the enforcement action.
History:
1998 c 331 s 35
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 49 — Liquidation, Consolidation, Merger › Section 49.01 — Definitions.

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 association, a credit union, and an industrial loan and thrift company.
Subd. 3.
Investment company.
"Investment company" means any person, copartnership, association, or corporation referred to in sections 54.26 to 54.297.
Subd. 4.
Commissioner.
"Commissioner" means the commissioner of commerce.
Subd. 5.
District court.
"The district court," unless otherwise specifically stated, means the district court of the county in which the financial institution being liquidated had its principal place of business prior to the time the commissioner took possession of its business and assets.
Subd. 6.
Liquidation Division.
"Liquidation Division" means the Liquidation Division of the Department of Commerce, consisting of the commissioner of commerce, a deputy, any examiner in charge of liquidation, deputy examiners, attorneys, and other employees engaged in carrying out the provisions of sections 49.01 to 49.32, and performing functions incidental thereto.
Subd. 7.
State bank.
"State bank," for the purposes of sections 49.02 to 49.41, shall mean 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.
History:
1945 c 128 s 1 subds 1-6; 1975 c 166 s 7; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1986 c 444; 1987 c 384 art 2 s 12; 1995 c 171 s 31; 1995 c 202 art 1 s 13,25
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 49 — Liquidation, Consolidation, Merger › Section 49.013 — Insolvent Financial Institutions; Assignment Prohibited.

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 report that fact to the commissioner.
History:
(7682) RL s 2998; 1945 c 128 s 1 subd 7
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 49 — Liquidation, Consolidation, Merger › Section 49.02 — Assessments On Stock; Stock Unpaid Or Capital Impaired.

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 receiving notice thereof from the commissioner, shall make up the deficiency by a pro rata assessment on the capital stock, to be made by the stockholders at a meeting called for that purpose, and, in case of its refusal to do so, the commissioner may proceed forthwith to take possession of its property and business and liquidate it as hereinafter provided; but, with the commissioner's consent and approval it may reduce its paid-up capital stock, as provided by law, pay in any remaining deficiency, and thereupon continue business upon the reduced capital.
Subd. 2.
Procedure.
The directors of any bank or trust company receiving notice from the commissioner to make good an impairment of capital shall fix the time when the assessment made at the stockholders' meeting shall become due and payable, which time shall be not less than 15, nor more than 30, days after the assessment is levied. Notice of this assessment shall be mailed to each stockholder at the office address as shown by the stock books of the bank or trust company.
If any stockholder shall fail to pay in cash the amount of the assessment against stock for a period of 30 days after the same shall become due and payable, the directors of the bank or trust company shall sell the same at public sale upon ten days' notice, to be given by posting copies of the notice of sale in three public places in the city, town, or community where the bank or trust company is located, or at a private sale, after giving the stockholder ten days' written notice by certified mail addressed to the post office address as shown by the stock books of the bank or trust company.
Upon sale of any stock, as herein provided, the purchaser shall forthwith become liable for, and shall pay in cash, the amount of the assessment thereon.
Subd. 3.
Sale of stock.
This stock shall not be sold for less than the amount due thereon and the expense of sale, and any excess shall be paid to the delinquent stockholder. If no bidder offers the amount due and expenses of sale, the amount previously paid on the stock shall be forfeited, and the stock sold by order of the directors within six months thereafter, or canceled and deducted from the capital of the corporation; and when, by reason of this cancellation and reduction, the capital is reduced below the minimum required by law, the deficiency shall be paid in within 30 days, or the commissioner shall take possession of the property and business of said bank or trust company and may proceed to liquidate it as hereinafter provided.
History:
(7681-1, 7684, 7686) RL s 3000, 3002; 1939 c 302 s 1; 1945 c 128 s 2-4; 1978 c 674 s 60; 1986 c 444
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 49 — Liquidation, Consolidation, Merger › Section 49.06 — Consolidation During Liquidation.

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 consent of a majority of the stockholders, and may transfer to such financial institution its entire assets, subject to its existing liabilities.
History:
(7643) RL s 2971; 1945 c 128 s 7
2023 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
2023 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
2023 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