Section 51A.01 — Citation.

51A.01 CITATION. Sections 51A.01 to 51A.58 may be cited as the “Savings Association Act.” History: 1969 c 490 s 1; 1989 c 217 s 1; 1996 c 414 art 1 s 44; 1997 c 157 s 67; 1998 c 260 s 1

Section 51A.02 — Definitions.

51A.02 DEFINITIONS. Subdivision 1. Scope. When used in sections 51A.01 to 51A.57, the words and phrases defined in this section have the meanings given them, except to the extent that any such word or phrase specifically is qualified by its context. Subd. 2. MS 1986 [Renumbered subd 7] Subd. 2. Affiliate. “Affiliate” means a person […]

Section 51A.03 — Incorporation.

51A.03 INCORPORATION. Subdivision 1. Application for certificate of incorporation. Any three or more individuals, residents of this state, may apply to form a mutual association or capital stock association to promote thrift and home financing subject to approval as provided in sections 51A.01 to 51A.57. Three of the individual applicants shall be incorporators and sign […]

Section 51A.04 — Organization Of Mutual Associations.

51A.04 ORGANIZATION OF MUTUAL ASSOCIATIONS. Subdivision 1. Selection of chair of incorporators; savings liability required. The incorporators of a mutual association shall appoint one of their number as chair of the incorporators. The incorporators, before a certificate of incorporation is issued, shall pay in cash to the chair, as subscriptions to the savings accounts of […]

Section 51A.041 — Organization Of Capital Stock Associations.

51A.041 ORGANIZATION OF CAPITAL STOCK ASSOCIATIONS. Subdivision 1. Selection of chair of incorporators; surety bond and capital required. The incorporators of a capital stock association shall appoint one of their number as chair of the incorporators and the chair shall procure from a surety company or other surety acceptable to the commissioner, a surety bond […]

Section 51A.05 — Name; Office.

51A.05 NAME; OFFICE. Subdivision 1. Corporate name. The name of every association shall include the word “saving” or “savings.” The use of the words “national,” “federal,” or “United States,” or any form of these words, separately or in any combination with other words or syllables, is prohibited as part of the corporate name of an […]

Section 51A.06 — Conversion.

51A.06 CONVERSION. Subdivision 1. [Repealed, 1981 c 276 s 32] Subd. 2. [Repealed, 1981 c 276 s 32] Subd. 3. Limitation. No conversion of an association, direct or indirect, shall be permitted except as specifically authorized by sections 51A.01 to 51A.57 or other provision of the Minnesota Statutes. History: 1969 c 490 s 6; 1988 […]

Section 51A.065 — Mutual And Capital Stock Conversions.

51A.065 MUTUAL AND CAPITAL STOCK CONVERSIONS. Subdivision 1. Types of conversions. Any mutual or capital stock association, or mutual or capital stock federal association, if substantial business benefit to the applicant will result, may apply to convert to one of the following other forms of organization: mutual association, capital stock association, mutual federal association, or […]

Section 51A.07 — Power To Reorganize, Merge, Or Consolidate.

51A.07 POWER TO REORGANIZE, MERGE, OR CONSOLIDATE. Pursuant to a plan adopted by the board of directors and approved by the commissioner as equitable to the members or stockholders of the association and as not impairing the usefulness and success of other properly conducted associations in the community, an association shall have power to reorganize […]

Section 51A.08 — Dissolution.

51A.08 DISSOLUTION. Subdivision 1. Notice and vote. Any association, by a vote of three-fourths of its members or stockholders eligible to vote at any regular meeting of its members or stockholders or at any special meeting called for that purpose, of which regular or special meeting at least ten days’ written notice, specifying the matter […]

Section 51A.09 — Meetings Of Members Of Mutual Associations.

51A.09 MEETINGS OF MEMBERS OF MUTUAL ASSOCIATIONS. Subdivision 1. Annual and special. An annual meeting of the members of each mutual association shall be held in the month of January, as fixed in the bylaws of the association. Special meetings may be called as provided in the bylaws. Subd. 2. Members entitled to vote. The […]

Section 51A.10 — Membership Charges Prohibited.

51A.10 MEMBERSHIP CHARGES PROHIBITED. The mutual association shall not directly or indirectly charge any membership, admission, withdrawal, or any fee or sum of money for the privilege of becoming, remaining, or ceasing to be a member of the mutual association, except charges authorized by this chapter. Except as authorized by this chapter, the mutual association […]

Section 51A.11 — Access To Books And Records; Communication With Members Or Stockholders.

51A.11 ACCESS TO BOOKS AND RECORDS; COMMUNICATION WITH MEMBERS OR STOCKHOLDERS. Subdivision 1. Exclusiveness of access. The right of inspection and examination of the books and records of an association including those pertaining to loans and accounts shall be limited (1) to the commissioner or duly authorized representatives as provided in sections 51A.01 to 51A.57, […]

Section 51A.12 — Financial Statement; Mutual Associations.

51A.12 FINANCIAL STATEMENT; MUTUAL ASSOCIATIONS. Every mutual association shall prepare and publish annually within 30 days of the close of the association’s fiscal year in a newspaper of general circulation in the county in which the principal office of the association is located, and shall deliver to each member upon application therefor, a statement of […]

Section 51A.13 — Directors Of Mutual Associations.

51A.13 DIRECTORS OF MUTUAL ASSOCIATIONS. Subdivision 1. Composition. The business of the association shall be directed by a board of directors of not less than five nor more than 15 as determined by, and elected by ballot from among, the members by a plurality of the votes of the members present. If authorized by vote […]

Section 51A.131 — Directors Of Capital Stock Associations.

51A.131 DIRECTORS OF CAPITAL STOCK ASSOCIATIONS. The duties and qualifications required of directors of capital stock associations are governed by chapter 302A. History: 1988 c 666 s 20; 1996 c 414 art 1 s 44; 1997 c 157 s 67; 1998 c 260 s 1; 2005 c 69 art 3 s 8

Section 51A.14 — Indemnity Bonds.

51A.14 INDEMNITY BONDS. All directors, officers, and employees of an association shall, before entering upon the performance of any of their duties, execute their individual bonds with adequate corporate surety payable to the association as an indemnity for any loss the association may sustain of money or other property by or through any fraud, dishonesty, […]

Section 51A.15 — Transactions Of Officers And Directors.

51A.15 TRANSACTIONS OF OFFICERS AND DIRECTORS. Subdivision 1. Fiduciary relationships. Directors and officers occupy a fiduciary relationship to the association of which they are directors or officers, and no director or officer shall engage or participate, directly or indirectly, in any business or transaction conducted on behalf of or involving the association, which would result […]

Section 51A.16 — Depositories.

51A.16 DEPOSITORIES. No association shall deposit any of its funds except with a depositary approved by a vote of a majority of the directors authorized of the association, any director who is an officer, partner, director, or trustee of the depository so designated taking no part in such vote. History: 1969 c 490 s 16; […]

Section 51A.17 — Indemnification Of Officers, Directors And Employees.

51A.17 INDEMNIFICATION OF OFFICERS, DIRECTORS AND EMPLOYEES. The indemnification of officers, directors, and employees of associations is governed by section 302A.521. History: 1969 c 490 s 17; 1986 c 444; 1988 c 666 s 22; 1996 c 414 art 1 s 44; 1997 c 157 s 67; 1998 c 260 s 1; 2005 c 69 […]