Chapter 50 — Application for Certificate of Authority; Procedure

50.001 Application for Certificate of Authority; Procedure This section says that when a savings bank wants to get a certificate of authority to operate, it must follow the same … 50.01 Expediency Ascertained Before a savings bank can open, the commissioner of commerce must check whether the area needs a bank, whether enough … 50.02 This section has been repealed. It was removed from Minnesota law in 1995. 50.03 This section has been repealed. It was removed from Minnesota law in 1997. 50.04 Bonds of Trustees or Directors Every savings bank director must post a bond of at least $5,000 with the commissioner of commerce before starting their … 50.05 Bonds of Officers and Employees A savings bank must protect itself from losses caused by dishonest officers or employees by getting a surety bond or … 50.06 Directors A savings bank must have at least seven directors who are Minnesota residents. Directors can be divided into classes … 50.065 Officers Every savings bank must have a president, secretary, and treasurer, and may have vice-presidents and other officers. … 50.07 This section has been repealed. It was removed from Minnesota law in 1995. 50.08 This section has been repealed. It was removed from Minnesota law in 1995. 50.085 Powers This section lists the many powers of a savings bank, including borrowing money, making loans, accepting deposits, … 50.09 This section has been repealed. It was removed from Minnesota law in 1995. 50.10 This section has been repealed. It was removed from Minnesota law in 1995. 50.11 Securities Held for Safekeeping; Safe Deposit Boxes; Limitation of Liability A savings bank can hold government bonds and securities for safekeeping for its depositors. It can also rent safe … 50.12 This section has been repealed. It was removed from Minnesota law in 1995. 50.13 Real Estate A savings bank can buy and hold real estate that it gets through mortgage foreclosure, court judgments, debt … 50.14 Authorized Securities This section lists 16 classes of securities that savings banks are allowed to invest depositor money in. These include … 50.145 Authorized Investments; General Authority In addition to other allowed investments, a savings bank can buy bonds and securities that are legal for state banks and … 50.146 Authorized Investments; Corporations A savings bank can invest in preferred stocks, common stocks, and other corporate securities, but with strict limits. … 50.1465 Authorized Investments; Service Corporations A savings bank can invest in subsidiary corporations it owns or controls, as long as the subsidiary does things the bank … 50.147 Authorized Investments; Student Loans A savings bank can make loans to students for college, university, or vocational school expenses. These loans can be … 50.148 Authorized Investments; Manufactured Home Loans A savings bank can make loans up to $30,000 secured by manufactured homes and their equipment. These loans must be … 50.1485 Lending Authority This section gives savings banks broad lending powers, including consumer loans, business loans, agricultural loans, … 50.15 This section has been repealed. It was removed from Minnesota law in 1995. 50.153 This section has been repealed. It was removed from Minnesota law in 1969. 50.155 Purchase of Certain Mortgage Loans Savings banks supervised by the commissioner of commerce can make or buy mortgage loans that are guaranteed by the … 50.157 This section has been repealed. It was removed from Minnesota law in 1982. 50.16 This section has been repealed. It was removed from Minnesota law in 1995. 50.161 This section has been repealed. It was removed from Minnesota law in 1976. 50.162 This section has been repealed and is no longer in effect. 50.163 This section has been repealed and is no longer in effect. 50.164 This section has been repealed and is no longer in effect. 50.165 This section has been repealed and is no longer in effect. 50.17 Deposit Accounts This section governs how savings bank deposit accounts work. Accounts are subject to a lien for any charges the bank is … 50.171 Treasury Tax and Loan Accounts of the United States Minnesota savings banks are allowed to hold Treasury Tax and Loan accounts for the federal government and to pledge … 50.175 Negotiable Order of Withdrawal Account Minnesota savings banks can offer negotiable order of withdrawal (NOW) accounts — interest-bearing checking accounts. … 50.18 Method of Determining Surplus This section explains how a savings bank's surplus is measured. Investments like stocks, notes, and bonds are generally … 50.19 Reports to the Commissioner Every Minnesota savings bank must file the same reports required of state banks, and must provide any additional … 50.20 Report to Show Liabilities The annual report a savings bank submits must show the bank's total liabilities as of January 1st, including money owed … 50.21 This section has been repealed and is no longer in effect. 50.212 Savings Bank Regulation The Minnesota Department of Commerce and its commissioner are responsible for overseeing all savings banks chartered in … 50.22 This section has been repealed and is no longer in effect. 50.23 This section has been repealed and is no longer in effect. 50.24 Existing Banks Conformed; Exceptions Any savings bank that was chartered before this chapter was enacted must conform to the new law. The bank's original … 50.245 Branches; Acquisitions Minnesota savings banks can open branch offices anywhere with commissioner of commerce approval. They can also open loan … 50.25 Banks Organized Under the Laws of Minnesota; Capital Stock; Amendment of Articles A savings bank incorporated in Minnesota can issue capital stock at a par value of $100 per share, but it must have at … 50.28 Declaratory Judgments When a legal dispute arises between the commissioner of commerce and a savings bank — whether about a legal question, a …