2025 Session Last amended: 2003 session

§ 37.34 — Money of the Society

Plain-Language Summary

Authorizes the State Agricultural Society to contract with bondholders regarding custody, collection, investment, and payment of the Society's money.

37.34 MONEY OF THE SOCIETY.

The society may contract with the holders of any of its bonds as to the custody, collection, securing, investment, and payment of money of the society or money held in trust or otherwise for the payment of bonds, and to carry out the contract. Money held in trust or otherwise for the payment of bonds or in any way to secure bonds and deposits of the money may be secured in the same manner as money of the society, and all banks and trust companies are authorized to give security for the deposits.

History:

2003 c 127 art 12 s 4; 1Sp2003 c 21 art 10 s 11

History: History: 2003 c 127 art 12 s 4; 1Sp2003 c 21 art 10 s 11

Practical Notes

The Society’s money and bond trust funds may be secured like other public deposits. Banks and trust companies are authorized to provide security for these deposits.

Source: Minnesota Office of the Revisor of Statutes