50.001 APPLICATION FOR CERTIFICATE OF AUTHORITY; PROCEDURE. The procedures for the application and issuance of a certificate of authority to a savings bank organized pursuant to section 47.12 shall be those applicable to a state bank in sections 46.041 to 46.045. History: 1995 c 171 s 33; 2005 c 69 art 3 s 5
50.01 EXPEDIENCY ASCERTAINED. To enable the commissioner of commerce to determine the expediency of the organization of a savings bank, as in this chapter prescribed, the commissioner shall investigate and ascertain: (1) whether greater convenience of access to a savings bank will be afforded to any considerable number of depositors by opening the proposed bank; […]
50.04 BONDS OF TRUSTEES OR DIRECTORS. Every director, before entering upon any duties, shall give bond to the state in a penal sum of not less than $5,000, with sureties approved by the commissioner of commerce, conditioned for the faithful discharge of those duties, and file the same with the commissioner of commerce. An action […]
50.05 BONDS OF OFFICERS AND EMPLOYEES. A savings bank shall be protected against loss by reason of the unlawful act of its officers or employees by a surety bond in an amount approved by the board of directors and issued by a solvent corporate surety in good standing authorized to do business in this state, […]
50.06 DIRECTORS. Subdivision 1. Authority and qualifications. The business of every such stock savings bank shall be managed by a board of not less than seven directors who are residents of this state. Each director must file a written acceptance of the position before the director is authorized to act. The persons named in the […]
50.065 OFFICERS. Every savings bank, except when otherwise specially provided, must have a president, secretary, and treasurer, and may have one or more vice-presidents and other officers, as its certificate of incorporation or bylaws may provide. The time and manner of their election and their respective duties must be prescribed in the certificate of incorporation […]
50.085 POWERS. Subdivision 1. Generally. Every savings bank incorporated pursuant to or operating under this chapter shall be a body corporate; shall have all the powers enumerated, authorized, and permitted by this chapter and other applicable law; shall have other rights, privileges, and powers as may be incidental to or reasonably necessary or appropriate for […]
50.11 SECURITIES HELD FOR SAFEKEEPING; SAFE DEPOSIT BOXES; LIMITATION OF LIABILITY. A savings bank may receive for safekeeping for its depositors obligations of the United States or its possessions or of a state or territory of the United States, or of any political subdivision of any such state or territory, and it may provide for, […]
50.13 REAL ESTATE. A savings bank may purchase, hold, or convey land sold upon foreclosure of mortgages owned by it, or upon judgments or decrees in its favor, or in settlement of debts, or received in exchange as part of the consideration of real estate sold by it. Real estate so received in exchange shall […]
50.14 AUTHORIZED SECURITIES. Subdivision 1. Definition. Except as it relates to the investment of trust funds by corporate trustees or by individual trustees, the term “authorized securities” whenever used in the statutes and laws of this state shall be understood as referring to the following described securities in which the directors of any savings bank […]
50.145 AUTHORIZED INVESTMENTS; GENERAL AUTHORITY. Any savings bank subject to the supervision of the commissioner of commerce of the state of Minnesota shall in addition to other investments authorized by law have the power to purchase and hold as investments such bonds and securities as are legal investments for state banks and trust companies in […]
50.146 AUTHORIZED INVESTMENTS; CORPORATIONS. Subdivision 1. General authority. In addition to other investments authorized by law, a savings bank may invest in the following: (a) The preferred stocks of any corporation organized under the laws of the United States or of any state, except banks, bank holding companies and trust companies, provided the net earnings […]
50.1465 AUTHORIZED INVESTMENTS; SERVICE CORPORATIONS. Subdivision 1. Generally. In addition to other investments authorized by law, a savings bank may invest in the capital stock, obligations, or other securities of any corporation organized under the laws of this state if all or a majority of the capital stock of the corporation is owned by the […]
50.147 AUTHORIZED INVESTMENTS; STUDENT LOANS. In addition to other investments authorized by law, a savings bank organized under the laws of this state may make student loans. Such loans may be secured or unsecured, and the lender may require a comaker or guaranty under a governmental student loan guarantee plan, or both. The borrower shall […]
50.148 AUTHORIZED INVESTMENTS; MANUFACTURED HOME LOANS. In addition to other investments authorized by law, a savings bank organized and operated pursuant to this chapter, may make loans upon the security of manufactured homes, and any equipment installed or to be installed therein, in an amount not exceeding $30,000 repayable in installments, and the installment payments […]
50.1485 LENDING AUTHORITY. Subdivision 1. Generally. In addition to other investments authorized by law, a savings bank may make, purchase, or invest in: (a) loans secured by the pledge of policies of life insurance, the assignment of which is properly acknowledged by the insurer; (b) consumer loans, which may be unsecured or secured by personal […]
50.155 PURCHASE OF CERTAIN MORTGAGE LOANS. Savings banks that are subject to the supervision of the commissioner of commerce are authorized to make or purchase loans secured by real estate mortgage the payment of which is guaranteed in whole or in part by the United States or any instrumentality thereof under the Servicemen’s Readjustment Act […]
50.17 DEPOSIT ACCOUNTS. Subdivision 1. Generally. A deposit account with a savings bank is subject to a lien for the payment of charges that may accrue on the account under this chapter. A deposit account is subject to a debt offset for the debts of the deposit account holder to the savings bank. Deposit accounts […]
50.171 TREASURY TAX AND LOAN ACCOUNTS OF THE UNITED STATES. A savings bank shall have the power and authority to accept and maintain treasury tax and loan accounts of the United States and to pledge collateral to secure the treasury tax or loan accounts, in accordance with the regulations of the Department of the Treasury […]
50.175 NEGOTIABLE ORDER OF WITHDRAWAL ACCOUNT. Subdivision 1. Authorization. Any savings bank organized and operating pursuant to this chapter, may establish negotiable order of withdrawal accounts on which it may or may not pay interest or dividends. Withdrawals from the accounts are subject to the right of the savings bank to require the depositor or […]
