51A.19 RECORDS. Subdivision 1. Records to be kept at home office. Every association shall keep at the home office correct and complete books of account and minutes of the proceedings of members, directors, stockholders, and the executive committee. Complete records of all business transacted at the home office shall be maintained at the home office. […]
51A.20 RESERVE ACCOUNTS; SURPLUS AND UNDIVIDED PROFITS. Subdivision 1. Mutual associations. Every association shall set up and maintain the reserves required by, and may set up and maintain additional reserves permitted by, sections 51A.01 to 51A.57. On or before the closing date of each accounting period, after payment of or provision for all expenses, each […]
51A.21 POWERS OF ASSOCIATION. Subdivision 1. Generally. Every association incorporated pursuant to or operating under the provisions of sections 51A.01 to 51A.57 shall have all the powers enumerated, authorized, and permitted by sections 51A.01 to 51A.57 and such other rights, privileges, and powers as may be incidental to or reasonably necessary or appropriate for the […]
51A.22 SAVINGS LIABILITY. Subdivision 1. Operation of savings liability. The savings liability of an association shall consist only of the aggregate amount of savings accounts, plus earnings credited to the accounts, less redemption and withdrawal payments. Except as limited by the board of directors from time to time, additions may be made to an account […]
51A.23 SAVINGS ACCOUNT. Subdivision 1. Ownership. Trust funds received by a real estate broker or the broker’s salespersons in trust may be deposited in a savings association. Deposit accounts shall be represented only by the account of each deposit account holder on the books of the association, and the accounts or any interest therein shall […]
51A.24 CONTRACTS FOR SCHOOL SAVINGS PROGRAMS. An association may contract with the proper authorities of any public or nonpublic elementary or secondary school or institution of higher learning, or any public or charitable institution caring for minors, for the participation and implementation by the association in any school or institutional thrift or savings plan, and […]
51A.251 MARRIED PERSONS AND MINORS. An association may issue deposit accounts or negotiable order of withdrawal accounts to any married person or minor as the sole and absolute owner of the account, and receive payments thereon by or for the other, and pay withdrawals or drafts, accept pledges to the association, and act in any […]
51A.261 DEPOSITS IN NAME OF MINOR. A deposit made at an association in the name of a minor, or shares issued in a minor’s name, 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 […]
51A.262 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 association are determined by chapter 528. History: 1985 c 292 s 4; 1988 […]
51A.27 PLEDGE TO ASSOCIATION OF SAVINGS ACCOUNTS IN JOINT TENANCY. The pledge or hypothecation to any association or federal association of all or part of a savings account in joint tenancy signed by any tenant or tenants whether minor or adult, upon whose signature or signatures withdrawals may be made from the account shall, unless […]
51A.28 ACCOUNTS OF ADMINISTRATORS, EXECUTORS, GUARDIANS, CUSTODIANS, TRUSTEES, AND OTHER FIDUCIARIES. Any association may accept deposit accounts in the name of any administrator, executor, custodian, conservator, guardian, trustee, or other fiduciary for a named beneficiary or beneficiaries. Any such fiduciary shall have power to vote as a member in a mutual association as if the […]
51A.29 ACCOUNTS OF INCOMPETENTS. When a savings account is held in any association or federal association by a person who becomes incompetent and an adjudication of incompetency has been made by a court of competent jurisdiction, such an association may pay or deliver the withdrawal value of such savings account and any earnings that may […]
51A.30 ACCOUNTS OF DECEASED NONRESIDENTS. When a savings account is held in any association or federal association by a person residing in another state or country, the account, together with additions thereto and earnings thereon, or any part thereof, shall be exempt from any taxation otherwise imposed by this state and may be paid to […]
51A.31 SAVINGS ACCOUNTS AS LEGAL INVESTMENTS. Subdivision 1. Legal investments. Administrators, executors, custodians, conservators, guardians, trustees, and other fiduciaries of every kind and nature, insurance companies, business and manufacturing companies, banks, trust companies, credit unions, and other types of similar financial organizations, charitable, educational, eleemosynary and such public corporations as are authorized by law, funds, […]
51A.32 EARNINGS. Subdivision 1. Mutual association. A mutual association may pay earnings on its savings accounts from sources available for payment of earnings at such rate and at such times and for such time or notice periods as shall be determined by resolution of its board of directors. All deposit account holders shall participate equally […]
51A.33 WITHDRAWAL. Any savings account member or authorized representative may at any time present a written application for withdrawal of all or any part of the member’s savings accounts. Every application shall request immediate withdrawal of a stated amount in accordance with this section. Any member may cancel an application at any time in whole […]
51A.34 REDEMPTION. At any time funds are on hand for the purpose, the association shall have the right to redeem by lot or otherwise, as the board of directors may determine, all or any part of any of its savings accounts on an earnings date by giving 30 days’ notice by certified mail addressed to […]
51A.35 INVESTMENT IN SECURITIES. Associations shall have power to invest in securities as follows: (1) without limit, in obligations of, or obligations which are fully guaranteed as to principal and interest by, the United States or this state or the political subdivision of this state in stock or obligations of any federal home loan bank […]
51A.361 RESERVES. An association shall maintain reserves in the form of liquid assets, as defined in section 51A.02, subdivision 34, at a level reasonably necessary to meet anticipated withdrawals, commitments, and loan demand. The commissioner of commerce may prescribe the required amount of reserves for any individual association from time to time based upon examination […]
51A.37 INVESTMENT IN LOANS. Subdivision 1. Generally. Every association shall have power to invest in loans and other investments as set forth in this section. Subd. 2. Savings account loans. Loans secured by its savings accounts. Subd. 3. Real estate loans. Real estate loans in any amount, subject to the following conditions: (a) An association […]
