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: […]
Section 47.09 — Advertisements.
47.09 ADVERTISEMENTS. No such financial institution shall, directly, indirectly, or by inference of any kind, display, represent, hold out or otherwise advertise as its capital, resources, assets or financial strength or ability or availability therefor, any capital, resources, or assets of any other financial institution or institutions, whether or not such other financial institution or […]
Section 47.096 — Time Deposits; Notice Of Automatic Renewal.
47.096 TIME DEPOSITS; NOTICE OF AUTOMATIC RENEWAL. If a deposit for a term of one year or more, including a savings certificate and a certificate of deposit, is automatically renewable by its own terms if not redeemed at a specified redemption date, the financial corporation receiving the deposit shall give mailed written notice to the […]
Section 47.10 — Real Estate; Acquisition, Holding.
47.10 REAL ESTATE; ACQUISITION, HOLDING. Subdivision 1. Authority, approval, limitations. (a) Except as otherwise specially provided, the net book value of land and buildings for the transaction of the business of the corporation, including parking lots and premises leased to others, shall not be more than as follows: (1) for a bank, trust company, savings […]
Section 47.101 — Place Of Business; Relocation, Disposal.
47.101 PLACE OF BUSINESS; RELOCATION, DISPOSAL. Subdivision 1. Approval. A bank, trust company, savings bank, or savings association may change its location, dispose of its place of business, and acquire another upon the written approval of the commissioner of commerce or otherwise as provided for in this section. Subd. 2. Banking institutions; certain relocations, applications, […]
Section 47.11 — Selection Of Name.
47.11 SELECTION OF NAME. Before execution of the certificate of incorporation of any such corporation or conduct of business under an assumed name, its proposed name or proposed assumed name shall be submitted to the commissioner of commerce, who shall compare it with those of corporations operating in the state, and if it is likely […]
Section 47.12 — Financial Corporations.
47.12 FINANCIAL CORPORATIONS. Subdivision 1. Purposes. Corporations may be formed for any one of the following purposes: (1) carrying on the business of banking, by receiving deposits, buying, selling, and discounting notes, bills, and other evidences of debt legal for investment, domestic or foreign, dealing in gold and silver bullion and foreign coins, issuing circulating […]
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 47.02 — “bank” And “savings Bank.”
47.02 “BANK” AND “SAVINGS BANK.” A “bank” is a corporation having a place of business in this state, where credits are opened by the deposit of money or currency, or the collection of the same, subject to be paid or remitted on draft, check, or order; and where money is loaned or advanced on stocks, […]