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 48.44 — Bank May Organize As Trust Company.
48.44 BANK MAY ORGANIZE AS TRUST COMPANY. Hereafter state banks which may be organized in the manner now provided by law may be organized with the additional authority to exercise the fiduciary powers and privileges set out in sections 48A.07 and 48A.08; provided, that the capital and surplus of any such bank shall not be […]
Section 48.45 — Corporate Names.
48.45 CORPORATE NAMES. A bank with the additional authority provided for in sections 48A.07 and 48A.08 may be organized with a corporate name which may include the words “trust” or “trust company,” in addition to the word “bank” or other words now permitted by law, and the word “state” shall not be a required part […]
Section 48.46 — Authorized Securities Purchased.
48.46 AUTHORIZED SECURITIES PURCHASED. No state bank hereafter organized with authority to exercise fiduciary powers pursuant to the provisions of sections 48A.07 and 48A.08, the corporate name of which contains the words “trust” or “trust company,” shall transact any banking or trust company business until it shall have invested in and assigned, transferred to, and […]
Section 48.47 — Banking And Trust Company Business.
48.47 BANKING AND TRUST COMPANY BUSINESS. After the application of the corporation shall have been favorably acted on by the department in compliance with sections 46.041 to 46.044, and upon compliance with the terms hereof and the issuance of such certificates, the bank may commence the transaction of banking and trust company business and may […]
Section 48.48 — Reports To Commissioner.
48.48 REPORTS TO COMMISSIONER. Subdivision 1. Submission and publication. At least four times in each year, and at any other time when so requested by the commissioner, every bank or trust company shall, within 30 days of the date of notice, make and transmit to the commissioner or to the commissioner’s designee, in a form […]
Section 48.49 — Books To Be Kept.
48.49 BOOKS TO BE KEPT. Every such bank shall open and keep such books and accounts as the commissioner may prescribe, for the purpose of keeping accurate and convenient records of its transactions. History: (7675) RL s 2991; 1995 c 202 art 2 s 18
Section 48.40 — Subject To Orders Of Court.
48.40 SUBJECT TO ORDERS OF COURT. Every such bank shall be subject at all times to the orders of any court from which it shall have accepted any trust or appointment and shall render to the court such itemized and verified accounts and reports as may be required by law or the court. In addition […]
Section 48.41 — Corporate Name.
48.41 CORPORATE NAME. Any such bank which has qualified and obtained a certificate, as provided in section 48.37, may use in its corporate name or title, in addition to the word “bank” or other words now permitted by law, the words “trust” or “trust company,” and may display and make use of signs, symbols, tokens, […]
Section 48.42 — Bank May Be Designated As Savings Bank.
48.42 BANK MAY BE DESIGNATED AS SAVINGS BANK. Any state bank which has qualified under section 48.37 and obtained the certificate therein provided, and which has established and maintains a savings department, may use in its name or title, in addition to other words permitted by law, the words “savings” or “savings bank.” Savings deposits […]