Chapter 49 — Issuance of Preferred Stock, Conditions

48.055 Issuance of Preferred Stock, Conditions This section allows state banks to issue preferred stock—a special class of stock that may or may not have voting … 49.01 Definitions This section defines key terms used throughout sections 49.01 to 49.32, which govern financial institution regulation, … 49.013 Insolvent Financial Institutions; Assignment Prohibited This section prohibits any financial institution from making a voluntary assignment (transferring assets to a trustee … 49.02 Assessments on Stock; Stock Unpaid or Capital Impaired This section requires banks or trust companies that have not fully paid in their required capital stock, or whose … 49.03 This section was repealed in 1945 and no longer contains active law. It was part of an earlier version of the chapter … 49.04 Involuntary Liquidation of Financial Institutions This section gives the state commerce commissioner the power to take over a bank or other financial institution when it … 49.05 Powers and Duties of Commissioner on Liquidation This section describes the commissioner of commerce's broad powers when managing a bank in liquidation. The commissioner … 49.06 Consolidation During Liquidation This section allows a financial institution that is in the process of being liquidated to instead consolidate with … 49.07 Reorganization During Liquidation This section allows a bank in liquidation to be reorganized and reopened if creditors representing 90 percent of … 49.13 This section was repealed in 1945 and no longer contains active law. It was part of an earlier version of the chapter … 49.14 This section was repealed in 1945 and no longer contains active law. It was part of an earlier version of the chapter … 49.15 This section was repealed in 1945 and no longer contains active law. It was part of an earlier version of the chapter … 49.17 Assessments Against Stockholders; Orders for This section gives the commerce commissioner authority to levy a special assessment against bank stockholders when a … 49.18 Review of Orders of Commissioner This section gives stockholders and creditors the right to challenge an assessment order issued by the commissioner … 49.19 Defenses by Stockholders This section preserves stockholders' legal defenses if the commissioner brings a lawsuit to enforce payment of a … 49.20 Remedy Exclusive This section makes the process in sections 49.17 to 49.19 the only legal procedure for levying assessments on … 49.21 This section was repealed in 1945 and no longer contains active law. It was part of an earlier version of the chapter … 49.215 Voluntary Liquidations This section allows banks, trust companies, savings banks, and certain other financial institutions to voluntarily close … 49.22 This section was repealed in 1945 and no longer contains active law. It was part of an earlier version of the chapter … 49.23 This section was repealed in 1945 and no longer contains active law. It was part of an earlier version of the chapter … 49.24 Procedure in Liquidation This section sets the step-by-step procedures the commissioner follows when liquidating a bank. First, the commissioner … 49.25 This section was repealed in 1945 and no longer contains active law. It was part of an earlier version of the chapter … 49.26 This section was repealed in 1945 and no longer contains active law. It was part of an earlier version of the chapter … 49.27 This section was repealed in 1945 and no longer contains active law. It was part of an earlier version of the chapter … 49.28 This section was repealed in 1945 and no longer contains active law. It was part of an earlier version of the chapter … 49.29 This section was repealed in 1945 and no longer contains active law. It was part of an earlier version of the chapter … 49.30 Committee to Complete Liquidation This section allows creditors to take over management of a bank's liquidation from the state commissioner after three … 49.31 Committee to Furnish Bonds This section requires the creditor committee appointed under section 49.30 to obtain a performance bond approved by the … 49.32 Discharge of Commissioner as Statutory Liquidator This section releases the commerce commissioner from all further responsibility for a bank's liquidation once the court … 49.33 Consolidation and Merger, When Authorized This section authorizes banks, savings banks, and trust companies to merge or consolidate with each other by … 49.34 Consolidation or Merger of State Banks or Trust Companies, Procedure This section describes which banks can merge and how, including the ability for a state bank to acquire a failing bank … 49.35 Consolidation or Merger Agreement This section requires the boards of directors of merging banks to prepare a detailed written merger agreement that both … 49.36 Approval by Commissioner This section requires the merger agreement to be submitted to the commissioner of commerce for approval with a $2,000 … 49.37 Stockholders to Approve; Certificate of Consolidation or Merger This section requires stockholders of each merging bank to vote to approve the merger agreement before it becomes … 49.38 Corporate Existence Merged; Rights, Powers, Obligations This section provides that when two banks merge, all the assets, rights, obligations, and corporate relationships of … 49.39 Consolidation or Merger of Banks and Trust Companies This section extends the bank merger rules to mergers between a Minnesota state trust company and a national banking … 49.40 Pending Actions or Proceedings Not Affected This section ensures that lawsuits and other court proceedings involving a bank before it merges are not dismissed or … 49.41 Rights of Dissenting Shareholders This section gives shareholders who voted against a bank merger the right to demand payment for their shares at fair … 49.411 Interstate Bank Mergers Affecting Interstate Branching This section sets Minnesota's rules for interstate bank mergers authorized under the federal Riegle-Neal Interstate … 49.42 State Bank This section defines the key terms used in sections 49.42 to 49.46, which govern conversions and mergers between … 49.43 State Bank; Conversion, Merger, Consolidation; National Banking Association This section allows a Minnesota state-chartered bank to convert to a national bank charter, or to merge or consolidate … 49.44 National Banking Association; Conversion, Merger, Consolidation; State Bank This section allows a national bank located in Minnesota to convert to a state bank charter by following state bank … 49.45 Merger or Consolidation This section allows a national bank in Minnesota to merge or consolidate with a Minnesota state bank using the same … 49.46 State Bank, Retention of Assets This section gives the commerce commissioner discretion to allow a state bank that results from converting a national … 49.47 This section was repealed in 1997 and no longer contains active law. It was part of an earlier version of the chapter … 49.48 This section was repealed in 1997 and no longer contains active law. It was part of an earlier version of the chapter … 49.51 This section number references section 48.055, which covers the issuance of preferred stock by state banks. The content …