Section 48.28 — Liquidation Unless Deposits Are Reduced.
48.28 LIQUIDATION UNLESS DEPOSITS ARE REDUCED. If any such bank or trust company shall violate the provisions of Minnesota Statutes 1945, section 48.27, as amended, the commissioner of commerce may take possession thereof and liquidate such corporation in accordance with law, unless said bank or trust company shall within 90 days after notice from the […]
Section 48.30 — Deposits In Name Of Minor.
48.30 DEPOSITS IN NAME OF MINOR. Any deposit made in the name of a minor, shall be held for the exclusive right and benefit of the minor, free from the control or lien of all other persons, except creditors, and, together with the dividends or interest thereon, shall be paid to the minor, and the […]
Section 48.301 — Multiparty Accounts.
48.301 MULTIPARTY ACCOUNTS. When any deposit is made in the names of two or more persons jointly, or by any person payable on death (P.O.D.) to another, or by any person in trust for another, the rights of the parties and the financial institution are determined by chapter 524. History: 1985 c 292 s 2; […]
Section 48.31 — State Banks Organized From National Banks.
48.31 STATE BANKS ORGANIZED FROM NATIONAL BANKS. When any national bank authorized to dissolve has taken the necessary steps for that purpose, a majority of its directors, upon authority, in writing, of the owners of two-thirds of the capital stock and the approval of the commissioner, may execute a certificate of incorporation under the provisions […]
Section 48.32 — State Banks Or Trust Companies May Be Members Of Federal Reserve Banks.
48.32 STATE BANKS OR TRUST COMPANIES MAY BE MEMBERS OF FEDERAL RESERVE BANKS. Any incorporated state bank or trust company may become a member of the Federal Reserve Bank of the Federal Reserve district in which the bank or trust company is located, and may invest in and hold stock therein. History: (7649) 1915 c […]
Section 48.33 — Execution Of Trust.
48.33 EXECUTION OF TRUST. When any state bank shall reorganize as a national bank, this national bank shall be regarded as continuing the existence of the state bank, and any officer of the bank elected to a corresponding office in this national bank shall be regarded as holding over as such state bank officer, for […]
Section 48.35 — Clearinghouses.
48.35 CLEARINGHOUSES. Clearinghouses may make and enforce suitable provisions for effecting, at one place, daily exchanges and the settlement and adjustment of accounts between banks in the same locality and, under appropriate rules, may issue clearinghouse certificates for those purposes only, and may otherwise act in maintaining and enforcing uniformity of methods and harmonious action […]
Section 48.36 — Application.
48.36 APPLICATION. Subdivision 1. State bank to acquire trust authority. Any state bank having a capital and surplus of not less than $500,000 may exercise the powers and privileges conferred by sections 48A.07 and 48A.08, in addition to all other powers granted by law, upon complying with the conditions and requirements of those sections, and […]
Section 48.37 — Certificates From Commissioner.
48.37 CERTIFICATES FROM COMMISSIONER. In order to exercise the powers herein conferred, any such bank shall invest and keep invested in one or more of the first, second, third, fourth, seventh, and eighth classes of authorized securities, at least 25 percent of its capital, which securities in the amounts above provided shall be duly assigned, […]
Section 48.39 — Trust Accounts Recorded.
48.39 TRUST ACCOUNTS RECORDED. Besides its general books of account, it shall keep separate books of account 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 fiduciary by […]