Section 47.15 — Bylaws.
47.15 BYLAWS. Subdivision 1. Adoption of bylaws. Initial bylaws may be adopted pursuant to section 302A.171 by the incorporators. If not adopted by the incorporators, the bylaws must be adopted by the first board. Unless reserved by the articles to the shareholders, the power to adopt, amend, or repeal the bylaws is vested in the […]
Section 47.16 — Certification By Commissioner.
47.16 CERTIFICATION BY COMMISSIONER. Subdivision 1. Filing. The certificate of a corporation must be filed for record with the commissioner of commerce. If the commissioner of commerce finds that it conforms to law and that the required fee has been paid, the commissioner of commerce must record it and certify that fact on it. Subd. […]
Section 47.171 — Certificates Of Incorporation, Amendment; Exceptions.
47.171 CERTIFICATES OF INCORPORATION, AMENDMENT; EXCEPTIONS. The certificate of incorporation of a financial corporation organized and existing under the laws of this state may be amended to change its name; to increase or decrease its capital stock; to change the number and, subject to section 48.02, the par value of the shares of its capital […]
Section 47.172 — Restated Certificates Of Incorporation.
47.172 RESTATED CERTIFICATES OF INCORPORATION. Subdivision 1. Procedure. A financial corporation may by action taken in the same manner required for amendment of certificates of incorporation adopt a restated certificate of incorporation consisting of the certificate of incorporation as amended to date. The restated certificate of incorporation may be adopted in connection with an amendment […]
Section 47.18 — “corporation”; “agency.”
47.18 “CORPORATION”; “AGENCY.” For the purpose of this section and section 47.19, the term “corporation” shall be construed to mean any bank, savings bank, trust company, insurance company, or savings association organized under the laws of this state; and the term “agency” shall be construed to mean the federal home loan bank of the district […]
Section 47.19 — Corporation May Be Member Or Stockholder Of Federal Agency.
47.19 CORPORATION MAY BE MEMBER OR STOCKHOLDER OF FEDERAL AGENCY. Any corporation is hereby empowered and authorized to become a member of, or stockholder in, any such agency, and to that end to purchase stock in, or securities of, or deposit money with, such agency and/or to comply with any other conditions of membership or […]
Section 47.13 — Application Of Business Corporation Act.
47.13 APPLICATION OF BUSINESS CORPORATION ACT. The provisions of chapter 302A, other than sections 302A.471, 302A.473, 302A.671, 302A.673, 302A.675, and 302A.701 to 302A.791, apply to corporations formed for any of the purposes specified in section 47.12, except: (1) that section 302A.215, subdivisions 2 and 3, only apply if the corporation’s certificate of incorporation provides cumulative […]
Section 47.14 — Certificate; How Accompanied.
47.14 CERTIFICATE; HOW ACCOMPANIED. The certificate of incorporation, when presented to the commissioner of commerce, shall be accompanied, in the case of a bank, with the certificate of a solvent bank in this state of the deposit therein, in cash, to the credit of the proposed bank, and payable upon its order when countersigned by […]
Section 47.07 — Companies Subject To Provisions.
47.07 COMPANIES SUBJECT TO PROVISIONS. All companies, associations, and corporations organized under any law of this state, other than those relating to the organization of banks and trust companies, which assume or exercise any of the functions, powers, or privileges conferred upon banks or trust companies under any law of this state, shall be subject […]
Section 47.08 — Articles Of Incorporation Filed With Commissioner.
47.08 ARTICLES OF INCORPORATION FILED WITH COMMISSIONER. All persons proposing to incorporate and organize any financial institution, whether defined or described as such by the laws of the state, shall, before doing any business in the state as a corporation, file a copy of the proposed articles of incorporation with the commissioner of commerce. History: […]