48A.01 ORGANIZATION OF A STATE TRUST COMPANY. Subdivision 1. Articles of incorporation. (a) Subject to the other provisions of this chapter, three or more persons may organize and charter a state trust company for purposes of transacting business as a trust company in conformity with the applicable laws. (b) A state trust company may be […]
48A.02 APPLICATION FOR STATE TRUST COMPANY CHARTER. Subdivision 1. Procedure. An application for a trust company charter must be in the form prescribed by the commissioner. The procedure in sections 46.041 to 46.045 apply, except for the conditions in section 46.044, subdivision 1, clauses (1) to (6). Subd. 2. Conditions. The commissioner shall grant an […]
48A.03 CAPITAL AND SURPLUS REQUIREMENTS OF TRUST COMPANIES. Subdivision 1. Required amount. The capital of a trust company organized under this chapter must be not less than $500,000. The trust company must also provide a surplus of at least 20 percent of its capital in addition to the capital amounts required by this section. The […]
48A.04 CERTAIN TRUST COMPANIES MAY ASSUME POWERS OF STATE BANKS. Subdivision 1. Authority. Upon complying with the terms of this section, a trust company organized under section 47.12 has all the powers and privileges of a state bank not otherwise granted to trust companies and is subject to and must comply with all the laws […]
48A.05 NATIONAL ASSOCIATIONS; POWERS. The commissioner of commerce may authorize trust companies organized under the laws of this state to engage in trust activity in which banks exercising trust powers subject to the jurisdiction of the federal government may be authorized to engage. The commissioner may not authorize trust companies to engage in an activity […]
48A.06 PROHIBITED DEALINGS AND INDEBTEDNESS. (a) A trust company shall not engage in banking, mercantile, manufacturing, or other business, unless this business is expressly authorized in this chapter. (b) A trust company shall not lend its funds, money, capital, trust funds, or other property to a director, officer, agent, or employee. (c) A director, officer, […]
