Chapter 48A — Organization of a State Trust Company

48A.01 Organization of a State Trust Company This law explains how to set up a state trust company in Minnesota. Three or more people can organize one by filing … 48A.02 Application for State Trust Company Charter Before a state trust company can start operating, it must apply for a charter from the commissioner of commerce. The … 48A.03 Capital and Surplus Requirements of Trust Companies State trust companies must maintain minimum amounts of capital and surplus. The specific amounts depend on whether the … 48A.04 Certain Trust Companies May Assume Powers of State Banks A state trust company that was organized before 1997 can apply to gain the powers of a state bank. To do so, it must … 48A.05 National Associations; Powers National banking associations (federally chartered banks) are allowed to exercise the same trust and fiduciary powers … 48A.06 Prohibited Dealings and Indebtedness Trust companies and banks acting as fiduciaries have restrictions on certain business dealings. They cannot make loans … 48A.07 Trust Company or Bank; Special Powers and Duties as Fiduciary Trust companies and banks acting as fiduciaries have special powers and duties when managing trust assets. They can … 48A.08 Incidental Investments, Powers, and Limitations This section sets rules for trust companies regarding incidental investments, powers, and limitations. Trust companies … 48A.09 Definitions This section defines key terms used in the laws about substituting one fiduciary for another. It explains what words … 48A.10 Substitution; Procedure When a trust company or bank wants to transfer its fiduciary duties to another institution, or when one is being … 48A.11 National Banks as Fiduciaries National banks that are authorized by federal law to act as fiduciaries can exercise those powers in Minnesota. They are … 48A.12 Definitions This section defines terms used in the laws governing trust company offices and locations. It explains what 'home … 48A.13 State Trust Company Principal Office A state trust company must maintain a principal office in Minnesota. The principal office is where the company's main … 48A.14 State Trust Institutions; Representative Trust Offices State trust institutions can establish representative trust offices in Minnesota or other states. These offices can … 48A.15 State Banks and Trust Companies; Trust Service Offices State banks and trust companies can establish trust service offices where they provide fiduciary and trust services. … 48A.16 Detached Facilities Trust companies can establish detached facilities to serve customers at locations separate from their principal office. … 48A.17 Authority for Out-of-state Trust Offices; Prior Written Notice A Minnesota trust company that wants to open trust offices in other states must give the commissioner of commerce prior … 48A.18 Out-of-state Trust Institution Trust Offices Trust institutions from other states can establish full trust offices in Minnesota if they meet certain requirements. … 48A.19 Out-of-state Trust Institution Representative Trust Offices Out-of-state trust institutions can establish representative trust offices in Minnesota for limited activities like … 48A.20 Supervision of Out-of-state Trust Institutions The commissioner of commerce can examine and supervise out-of-state trust institutions operating in Minnesota. The … 48A.21 Notice of Subsequent Merger, Closing An out-of-state trust institution must notify the commissioner if it merges with another institution or closes a … 48A.22 Enforcement The commissioner of commerce can take enforcement action against trust companies that violate the laws in this chapter. …