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 [Repealed, 1994 c 382 s 15] History: (7699-13 1/2a, 7699-19) 1927 […]
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 […]
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 […]
Section 48.512 — Procedures For Opening Checking Accounts.
48.512 PROCEDURES FOR OPENING CHECKING ACCOUNTS. Subdivision 1. Definitions. For the purpose of this section the following terms have the meanings given: (a) “Financial intermediary” means any person doing business in this state who offers transaction accounts to the public. (b) “Transaction account” means a deposit or account established and maintained by a natural person […]
Section 48.513 — Financial Intermediary Fees.
48.513 FINANCIAL INTERMEDIARY FEES. A financial intermediary may charge a fee for the assembly, production, and copying of records requested under chapter 13A, not to exceed the schedule established from time to time by the Federal Reserve System under Regulation S, Code of Federal Regulations, title 12, part 219, except that a fee may not […]
Section 48.56 — Banking Institution May Use Federal Banking Laws.
48.56 BANKING INSTITUTION MAY USE FEDERAL BANKING LAWS. Subdivision 1. General powers. The board of directors of a banking institution may enter into a contract, incur an obligation, or generally do what is necessary or appropriate to make use of United States Code, title 12, section 1811, or any act or resolution of Congress enacted […]
Section 48.59 — Commissioner May Accept Examinations And Reports Of Corporation.
48.59 Subdivision 1. MS 2002 [Renumbered 48.59, para (a)] Subd. 2. MS 2002 [Renumbered 48.59, para (b)] Subd. 3. MS 2002 [Renumbered 48.59, para (c)] 48.59 COMMISSIONER MAY ACCEPT EXAMINATIONS AND REPORTS OF CORPORATION. (a) The commissioner may accept, in lieu of any examination authorized by the laws of this state to be conducted by […]
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 […]
Section 48.61 — Authorized Investments For State Banks And Trust Companies.
48.61 AUTHORIZED INVESTMENTS FOR STATE BANKS AND TRUST COMPANIES. Subdivision 1. Agricultural credit corporations. Any bank or trust company organized under the laws of this state is authorized to invest not to exceed 20 percent of its capital and surplus in the capital stock of any agricultural credit corporation organized under the laws of this […]
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 […]