reglab/statecodes huggingface dataset:
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 50 — Savings Banks › Section 50.245 — Branches; Acquisitions.

50.245 BRANCHES; ACQUISITIONS.
Subdivision 1.
Authority for branch offices.
A savings bank may establish any number of detached facilities as may be approved by the commissioner of commerce pursuant to sections 47.51 to 47.57. The savings bank shall not change the location of a detached facility without prior written approval of the commissioner of commerce. A savings bank may establish a loan production office, without restriction as to geographical location, upon written notice to the commissioner of commerce.
Subd. 2.
Authority for branch offices in other states.
The authorization contained in subdivision 1 is in addition to the authority granted savings banks in section 47.52. A savings bank chartered in this state, whether or not the subsidiary of a savings bank holding company, has the same authority as a bank to conduct interstate mergers affecting interstate branching under section 49.411. The merger may be between banks and with other banks or savings banks.
Subd. 3.
Interstate acquisitions.
A savings bank chartered in this state and a savings bank holding company with its principal offices in this state may acquire control of a financial institution chartered in any other state or a financial institution holding company with principal offices in any other state. A savings bank chartered in any other state and a savings bank holding company with principal offices in any other state may acquire control of a savings bank chartered in this state or a savings bank holding company with principal offices in this state.
Subd. 4.
Procedural requirements.
Procedural requirements contained in sections 48.90 to 48.99 apply to interstate acquisitions by savings banks and savings bank holding companies.
Subd. 5.
Definitions.
For the purpose of this section, the terms defined in this subdivision have the meanings given them.
(a) "Financial institution" means a bank, savings bank, savings association, or trust company, whether chartered under the laws of this state, another state or territory, or under the laws of the United States.
(b) "Loan production office" means a place of business at which a savings bank provides lending if the loans are approved at the main office or detached facility of the savings bank, but at which a savings bank may not accept deposits except through a remote service unit.
(c) "Remote service unit" means an electronic financial terminal as defined in section 47.61.
Subd. 6.
[Repealed by amendment, 1997 c 157 s 34]
History:
1980 c 514 s 1; 1995 c 171 s 58; 1996 c 414 art 1 s 20; art 3 s 8; 1997 c 157 s 34
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 50 — Savings Banks › Section 50.25 — Banks Organized Under The Laws Of Minnesota; Capital Stock; Amendment Of Articles.

50.25 BANKS ORGANIZED UNDER THE LAWS OF MINNESOTA; CAPITAL STOCK; AMENDMENT OF ARTICLES.
A corporation which was incorporated and organized under the laws of Minnesota for the purpose of doing a savings bank business, may have capital stock of $100 per share, par value; provided, the minimum required capital shall not be less than $500,000. The capital funds of a proposed savings bank shall be in such greater amount which the commissioner considers necessary, having in mind the deposit potential for such a proposed bank and current industry standards of capital adequacy.
History:
(7725) 1911 c 332 s 1; 1982 c 473 s 15; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1995 c 171 s 59
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 50 — Savings Banks › Section 50.28 — Declaratory Judgments.

50.28 DECLARATORY JUDGMENTS.
At any time after a controversy has arisen between the commissioner of commerce and a savings bank with respect to a question of law or rule or with respect to a question involving immeasurable or irreparable damage to the savings bank, and before an administrative or judicial hearing, the savings bank or the commissioner may apply to a court of competent jurisdiction in the county in which the home office of the savings bank is located for a declaratory judgment as to the question.
History:
1995 c 171 s 60
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 51A — Savings Associations › Section 51A.01 — Citation.

51A.01 CITATION.
Sections 51A.01 to 51A.58 may be cited as the "Savings Association Act."
History:
1969 c 490 s 1; 1989 c 217 s 1; 1996 c 414 art 1 s 44; 1997 c 157 s 67; 1998 c 260 s 1
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 51A — Savings Associations › Section 51A.05 — Name; Office.

51A.05 NAME; OFFICE.
Subdivision 1.
Corporate name.
The name of every association shall include the word "saving" or "savings." The use of the words "national," "federal," or "United States," or any form of these words, separately or in any combination with other words or syllables, is prohibited as part of the corporate name of an association. Any association in existence at the time of the adoption of sections 51A.01 to 51A.57 may continue to operate under its existing name.
Subd. 2.
Exclusiveness of name.
No person, firm, company, association, fiduciary, partnership, or corporation, either domestic or foreign, unless lawfully authorized to do business in this state under the provisions of sections 51A.01 to 51A.57 and actually engaged in carrying on a savings association business shall do business under any name or title which contains the terms "savings association," "savings and loan association," "building and loan association," "building association," or any combination employing either or both of the words "building" or "loan" with one or more of the words "saving," "savings," or words of similar import, or any combination employing one or more of the words "saving," "savings," or words of similar import with one or more of the words "association," "institution," "society," "company," "fund," "corporation," or words of similar import, or use any name or sign or circulate or use any letterhead, billhead, circular or paper whatever, or advertise or represent in any manner which indicates or reasonably implies that the business is the character or kind of business carried on or transacted by an association of which is likely to lead any person to believe that the business is that of an association. Upon application by the commissioner or any association, a court of competent jurisdiction may issue an injunction to restrain any such entity from violating or continuing to violate any of the foregoing provisions of this subdivision. Any person who violates any provision of this subdivision shall be guilty of a gross misdemeanor. The prohibitions of this subdivision shall not apply to any corporation or association formed for the purpose of promoting the interests of thrift institutions, the membership of which is comprised of thrift institutions, their officers, or other representatives.
Subd. 3.
[Repealed, 1988 c 666 s 75]
Subd. 3a.
Offices.
The association shall obtain approval from the commissioner pursuant to rules prior to opening a branch office. The association shall not change the location of any branch office without prior written approval of the commissioner. The association may, however, operate other business facilities not constituting branch offices as defined in section 51A.02, subdivision 8, including automated teller machines and loan production offices upon providing notice under this subdivision.
Subd. 4.
[Repealed, 1988 c 666 s 75]
Subd. 5.
[Repealed, 1988 c 666 s 75]
History:
1969 c 490 s 5; 1986 c 444; 1988 c 666 s 7,8; 1996 c 414 art 1 s 44; 1997 c 157 s 67; 1998 c 260 s 1