Section 54.26 — Supervision By Commissioner.
54.26 SUPERVISION BY COMMISSIONER. Face amount certificate investment companies as defined by the Federal Investment Company Act of 1940, organized and doing business under the laws of this state, or having their principal place of business within this state, and other investment companies having face amount certificates outstanding, which companies are not subject to section […]
Section 54.27 — Commissioner’s Examination Of Books And Accounts.
54.27 COMMISSIONER’S EXAMINATION OF BOOKS AND ACCOUNTS. Subdivision 1. Compliance with federal standards. The commissioner, with reference to face amount certificate investment companies, as defined in Minnesota Statutes 1974, section 54.26, shall have the supervisory power to make periodic examinations of the books and accounts of such companies for the purpose of determining: (a) that […]
Section 54.294 — Annual Examination; Informational Reports; Cost Of Examination.
54.294 ANNUAL EXAMINATION; INFORMATIONAL REPORTS; COST OF EXAMINATION. Subdivision 1. Documents filed for examination. Notwithstanding the examination frequency prescribed by section 46.04, the examination of the face amount certificate companies described in Minnesota Statutes 1974, section 54.26, shall be carried out on an annual basis by the commissioner. In conducting such examination, the commissioner may […]
Section 54.295 — Declaration Of Credit.
54.295 DECLARATION OF CREDIT. When the amount of any additional or other credit, which under the terms of an outstanding face amount certificate issued by a company described in section 54.26, is payable solely in the discretion of the board of directors of the issuer, is computed on a basis which is reduced because of […]
Section 54.296 — Rules.
54.296 RULES. The commissioner may promulgate such rules as are reasonably necessary to carry out and make effective the provisions and purposes of this chapter pursuant to chapter 14. History: 1975 c 166 s 5; 1985 c 248 s 70
Section 54.297 — Application For Receiver.
54.297 APPLICATION FOR RECEIVER. When in the judgment of the commissioner grounds for liquidation as set forth in section 49.04, exist or are about to occur, the commissioner may make application to the district court in which a company defined in section 54.26, is situated for the appointment of a receiver or conservator. History: 1975 […]