https://minnesotalawyer.com/statutes/chapter-51a/Recent content in Chapter 51A — Savings Association Act on MinnesotaLawyer.comHugoen-ushttps://minnesotalawyer.com/statutes/chapter-51a/51a.01/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.01/This law establishes the short title for the Savings Association Act. Sections 51A.01 through 51A.58 together make up this act, which governs savings associations (formerly known as savings and loan associations) in Minnesota.https://minnesotalawyer.com/statutes/chapter-51a/51a.02/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.02/This section defines key terms used throughout the Savings Association Act. It includes definitions for words like ‘association,’ ‘member,’ ‘deposit account,’ ’loan,’ ‘credit card,’ ‘finance charge,’ and many other banking and lending terms. These definitions apply whenever these words are used in sections 51A.01 through 51A.57.https://minnesotalawyer.com/statutes/chapter-51a/51a.03/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.03/This law explains how to create a new savings association in Minnesota. At least three state residents must apply to the commissioner of commerce. The commissioner holds a public hearing to decide whether the new association should be approved, considering factors like public demand, the chance of success, and impact on existing financial institutions in the area.https://minnesotalawyer.com/statutes/chapter-51a/51a.04/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.04/This law sets the rules for organizing a new mutual savings association. The incorporators must put up at least $100,000 in cash as savings account subscriptions and create an expense fund equal to at least half that amount. They must also obtain a surety bond to protect the money during the organization process. Within 30 days of formation, the directors must hold an organization meeting.https://minnesotalawyer.com/statutes/chapter-51a/51a.041/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.041/This law sets the rules for organizing a new capital stock savings association. Each incorporator must subscribe to and pay for at least 25 shares of stock. Before receiving a certificate of incorporation, the incorporators must pay in an aggregate of at least $100,000 in capital stock and create an expense fund of at least $50,000.https://minnesotalawyer.com/statutes/chapter-51a/51a.05/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.05/This law requires every savings association to include the word ‘saving’ or ‘savings’ in its name. It prohibits using words like ’national’ or ‘federal’ in the name. It also makes it a crime for anyone not authorized under this act to use names that suggest they are a savings association. Associations must get commissioner approval before opening branch offices.https://minnesotalawyer.com/statutes/chapter-51a/51a.06/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.06/This law limits how savings associations can convert to other forms. No conversion of a savings association, whether direct or indirect, is allowed unless it is specifically authorized by the Savings Association Act or another Minnesota statute. Two earlier subdivisions about conversion were repealed in 1981.https://minnesotalawyer.com/statutes/chapter-51a/51a.065/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.065/This law sets the rules for converting between mutual and capital stock forms of savings association. It covers how a mutual association can convert to a capital stock association and vice versa. The conversion requires a detailed plan approved by the commissioner and a vote of the members or stockholders.https://minnesotalawyer.com/statutes/chapter-51a/51a.07/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.07/This law allows savings associations to reorganize, merge, or consolidate with other associations or federal associations within Minnesota. Any plan must be approved by the commissioner of commerce and by more than 50 percent of the members or stockholders who vote. No association can merge, transfer assets, or assume liabilities without specific commissioner authorization.https://minnesotalawyer.com/statutes/chapter-51a/51a.08/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.08/This law explains how a savings association can voluntarily shut down. It requires a vote of three-fourths of the members or stockholders, with at least 10 days written notice. After the vote, the commissioner must examine the association and approve the dissolution. The board of directors then acts as trustees to wind up the associations affairs, pay debts, and distribute remaining assets.https://minnesotalawyer.com/statutes/chapter-51a/51a.09/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.09/This law sets the rules for meetings of mutual savings association members. Annual meetings must be held in January. Each member gets one vote plus one additional vote for each $100 in savings, up to a maximum of 150 votes. Members can vote by proxy if they file the proxy at least five days before the meeting. Any number of members present in person or by proxy makes a quorum.https://minnesotalawyer.com/statutes/chapter-51a/51a.091/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.091/This section has been repealed or is otherwise no longer in effect. It does not contain any current legal provisions.https://minnesotalawyer.com/statutes/chapter-51a/51a.10/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.10/This law prohibits mutual savings associations from charging any fees for becoming a member, staying a member, or leaving. The association cannot charge membership fees, admission fees, withdrawal fees, fines, or penalties, except as specifically allowed by the Savings Association Act.https://minnesotalawyer.com/statutes/chapter-51a/51a.11/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.11/This law gives members and stockholders the right to inspect the books and records of a savings association. It also sets rules for how the association must handle communications between members or stockholders, such as requests to share information with other members.https://minnesotalawyer.com/statutes/chapter-51a/51a.12/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.12/This law requires mutual savings associations to prepare and present financial statements at each annual meeting. Officers must report on the financial condition and progress of the association for the previous year.https://minnesotalawyer.com/statutes/chapter-51a/51a.13/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.13/This law sets the rules for the board of directors of mutual savings associations. It covers how many directors the association must have, how they are elected, their qualifications, term limits, and how vacancies are filled. Directors must be members of the association.https://minnesotalawyer.com/statutes/chapter-51a/51a.131/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.131/This law sets the rules for the board of directors of capital stock savings associations. It covers qualifications, elections, terms, and other requirements specific to the capital stock form of organization.https://minnesotalawyer.com/statutes/chapter-51a/51a.14/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.14/This law requires savings associations to obtain indemnity bonds (also called fidelity bonds) for their officers and employees. These bonds protect the association against losses caused by dishonest acts of the people who handle the institutions money and assets.https://minnesotalawyer.com/statutes/chapter-51a/51a.15/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.15/This law sets rules for financial transactions between a savings association and its own officers or directors. It requires disclosure of conflicts of interest and limits the types of business dealings that insiders can have with the association.https://minnesotalawyer.com/statutes/chapter-51a/51a.16/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.16/This law sets rules about where savings associations can deposit their own funds. It specifies which types of financial institutions and accounts are approved depositories for an associations money.https://minnesotalawyer.com/statutes/chapter-51a/51a.17/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.17/This law allows savings associations to indemnify (reimburse and protect) their officers, directors, and employees for legal costs and judgments they face because of their work for the association. It sets limits on when indemnification is allowed and required.https://minnesotalawyer.com/statutes/chapter-51a/51a.18/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.18/This section has been repealed or is otherwise no longer in effect. It does not contain any current legal provisions.https://minnesotalawyer.com/statutes/chapter-51a/51a.19/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.19/This law requires savings associations to keep accurate books and records of all their business and financial transactions. The records must be available for examination by the commissioner of commerce.https://minnesotalawyer.com/statutes/chapter-51a/51a.20/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.20/This law requires savings associations to maintain reserve accounts, surplus, and undivided profits. These financial reserves act as a safety cushion to protect depositors if the association suffers losses. The law sets minimum reserve requirements and rules for how reserves must be maintained.https://minnesotalawyer.com/statutes/chapter-51a/51a.21/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.21/This law lists the general corporate powers of a savings association. These include the power to make loans, accept deposits, borrow money, invest in securities, buy and sell real estate, and conduct other banking activities. It defines the scope of what a savings association is legally allowed to do.https://minnesotalawyer.com/statutes/chapter-51a/51a.22/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.22/This law governs the savings liability of a savings association, which is the total amount the association owes to its depositors. It sets rules about how the association must manage and account for the money deposited by its members or customers.https://minnesotalawyer.com/statutes/chapter-51a/51a.23/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.23/This law sets the rules for savings accounts at savings associations. It covers how accounts are opened, how deposits and withdrawals are handled, what types of accounts are available, and the rights and obligations of both the association and the account holder.https://minnesotalawyer.com/statutes/chapter-51a/51a.24/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.24/This law allows savings associations to enter into contracts with school districts to operate school savings programs. These programs teach students about saving money by allowing them to make deposits at school that go into savings accounts.https://minnesotalawyer.com/statutes/chapter-51a/51a.25/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.25/This section has been repealed or is otherwise no longer in effect. It does not contain any current legal provisions.https://minnesotalawyer.com/statutes/chapter-51a/51a.251/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.251/This law allows married persons and minors to hold savings accounts at a savings association. It addresses the legal capacity of minors and married persons to open, maintain, and withdraw from savings accounts.https://minnesotalawyer.com/statutes/chapter-51a/51a.26/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.26/This section has been repealed or is otherwise no longer in effect. It does not contain any current legal provisions.https://minnesotalawyer.com/statutes/chapter-51a/51a.261/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.261/This law sets specific rules for savings accounts held in the name of a minor at a savings association. It addresses how deposits can be made and withdrawn, and the rights of the minor and any custodian or guardian.https://minnesotalawyer.com/statutes/chapter-51a/51a.262/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.262/This law sets the rules for savings accounts that are held in multiple names, payable on death, or held in trust for someone else. When a deposit is made jointly, in trust, or with a payable-on-death designation, the rights of everyone involved are decided by Chapter 528 of Minnesota law.https://minnesotalawyer.com/statutes/chapter-51a/51a.27/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.27/This law says that a joint savings account holder can pledge or use all or part of the account as collateral for a loan from the savings association, even if the account has other joint owners. Doing so does not end the joint tenancy or right of survivorship for the rest of the account.https://minnesotalawyer.com/statutes/chapter-51a/51a.28/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.28/This law allows savings associations to open accounts in the name of fiduciaries such as administrators, executors, guardians, trustees, and conservators. The fiduciary has full authority to manage the account on behalf of the beneficiary. After the fiduciary dies, the association can pay the beneficiary directly.https://minnesotalawyer.com/statutes/chapter-51a/51a.29/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.29/This law covers what happens when a savings account holder is found legally incompetent by a court. After incompetency is declared, the association must pay the account funds to the court-appointed guardian. If the association did not know about the incompetency ruling, payments already made to the account holder are still valid.https://minnesotalawyer.com/statutes/chapter-51a/51a.30/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.30/This law allows savings associations to pay account funds to out-of-state executors or administrators of deceased non-residents. The association is released from further liability once it pays the foreign executor who has provided proper documentation and an affidavit that there are no creditors or pending proceedings in Minnesota.https://minnesotalawyer.com/statutes/chapter-51a/51a.31/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.31/This law says that savings accounts at savings associations are legal investments for fiduciaries, insurance companies, banks, charities, and other organizations. These entities can invest funds in savings associations without needing a court order authorizing the investment.https://minnesotalawyer.com/statutes/chapter-51a/51a.32/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.32/This law sets the rules for how savings associations pay interest or dividends on savings accounts. Mutual associations must pay earnings at the same rate for all accounts in the same class, though different classes can get different rates. Capital stock associations may pay interest as agreed in the account contract.https://minnesotalawyer.com/statutes/chapter-51a/51a.33/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.33/This law sets out the rules for withdrawing money from savings association accounts. A member can request a withdrawal at any time in writing, and the association must number and process requests in order received. Associations must use a rotation system for paying withdrawals if they cannot pay everyone at once.https://minnesotalawyer.com/statutes/chapter-51a/51a.34/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.34/This law gives savings associations the right to buy back (redeem) savings accounts by giving 30 days’ certified mail notice to affected account holders. The association must pay at least the full withdrawal value of the account. An association in financial difficulty cannot use this right to redeem accounts.https://minnesotalawyer.com/statutes/chapter-51a/51a.35/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.35/This law describes what types of securities savings associations can invest in. They can invest without limit in U.S. and Minnesota government bonds, federal home loan bank stock, and federally insured financial institution deposits. They can invest up to 25 percent of assets in other government bonds and service organization securities.https://minnesotalawyer.com/statutes/chapter-51a/51a.36/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.36/This section was part of Minnesota’s Savings Association Act but has been repealed. It was removed from the statutes in 1981. Its content is no longer in effect.https://minnesotalawyer.com/statutes/chapter-51a/51a.361/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.361/This law requires savings associations to keep enough liquid assets, like cash and short-term investments, to cover expected withdrawals, loan commitments, and loan demand. The commissioner of commerce can set specific reserve requirements for any association based on its examination findings.https://minnesotalawyer.com/statutes/chapter-51a/51a.37/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.37/This law lists the types of loans savings associations can make. They can make savings account loans, real estate loans (including home mortgage and contract for deed loans), and other types of loans. Real estate loans outside the association’s primary area are generally limited to 10 percent of assets.https://minnesotalawyer.com/statutes/chapter-51a/51a.38/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.38/This law sets the rules for how real estate loans must be structured. Every real estate loan requires a property appraisal before the money is advanced. Loan payments are applied first to charges, then interest, then principal. Borrowers may always prepay, but the association can charge a prepayment fee on non-consumer loans.https://minnesotalawyer.com/statutes/chapter-51a/51a.385/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.385/This section was part of Minnesota’s Savings Association Act but has been repealed. It was removed from the statutes in 1995. Its content is no longer in effect.https://minnesotalawyer.com/statutes/chapter-51a/51a.386/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.386/This law sets the interest rate rules for loans and credit extended by savings associations. Associations can charge rates and fees permitted under section 47.59. They also have the option to make loans under other Minnesota lending laws instead of this section.https://minnesotalawyer.com/statutes/chapter-51a/51a.39/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.39/This section was part of Minnesota’s Savings Association Act but has been repealed. It was removed from the statutes in 1988. Its content is no longer in effect.https://minnesotalawyer.com/statutes/chapter-51a/51a.40/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.40/This law protects savings associations when a mortgaged property changes hands. If the borrower sells or transfers the property, the association can work directly with the new owner without notifying the original borrower. The original borrower remains liable for the debt even after the property changes hands.https://minnesotalawyer.com/statutes/chapter-51a/51a.41/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.41/This law protects savings associations from claims that they violated the law by taking actions needed to avoid losing money on a loan or investment. An association can hold property, operate a business, or take other unusual steps for as long as reasonably needed to protect its financial position.https://minnesotalawyer.com/statutes/chapter-51a/51a.42/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.42/This law places Minnesota savings associations under the supervision of the Department of Commerce. The commissioner can appoint a savings association supervisor and must regularly examine all associations’ books and records. Official communications from the commissioner must be shared with the board of directors.https://minnesotalawyer.com/statutes/chapter-51a/51a.43/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.43/This law gives the commissioner of commerce general supervisory authority over all savings associations, their service organizations, and related corporations. The commissioner exercises this power through the general banking supervision framework in section 46.06.https://minnesotalawyer.com/statutes/chapter-51a/51a.44/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.44/This law requires savings associations to file annual reports with the commissioner by April 30 each year. The report must cover the prior calendar year and include a full financial statement. The commissioner can also require additional reports at any time. The association can accept federal exam reports in lieu of some state examinations.https://minnesotalawyer.com/statutes/chapter-51a/51a.45/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.45/This law gives the commissioner power to order savings associations to stop illegal practices. If the association does not comply, the commissioner can seek a court order. For more serious problems, the commissioner can appoint a conservator to take over management of the association for up to six months or one year.https://minnesotalawyer.com/statutes/chapter-51a/51a.46/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.46/This law allows the commissioner to appoint a receiver to take over and liquidate a savings association that is in financial trouble, violating orders, or engaging in unsafe practices. The court must confirm the appointment. For federally insured associations, the Federal Savings and Loan Insurance Corporation may be appointed as receiver.https://minnesotalawyer.com/statutes/chapter-51a/51a.47/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.47/This law says that the commissioner cannot appoint a conservator or receiver, or seize property, for an association that is not financially impaired, if the problems can be fixed through other means available under the Savings Association Act or other laws.https://minnesotalawyer.com/statutes/chapter-51a/51a.48/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.48/This law allows either the commissioner or a savings association to go to court for a declaratory judgment to resolve legal disputes between them. This can be done before a formal administrative hearing if the dispute involves immeasurable or irreparable harm. The court has full power to hear and decide the matter on its merits.https://minnesotalawyer.com/statutes/chapter-51a/51a.49/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.49/This section was part of Minnesota’s Savings Association Act but has been repealed. It was removed from the statutes in 1981. Its content is no longer in effect.https://minnesotalawyer.com/statutes/chapter-51a/51a.50/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.50/This law lists which sections of the Minnesota Savings Association Act also apply to federal savings associations operating in Minnesota. Federal associations are subject to these state laws only to the extent they do not conflict with federal law or regulations.https://minnesotalawyer.com/statutes/chapter-51a/51a.51/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.51/This law sets the fees that savings associations must pay to the state for various regulatory activities. These include a $1,000 incorporation fee plus a $500 investigation fee when forming a new association, and fees for branch approvals, location changes, and annual supervision. All fees go to the commissioner of management and budget.https://minnesotalawyer.com/statutes/chapter-51a/51a.52/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.52/This law says that a person who is a director, employee, member, or stockholder of a savings association is not disqualified from notarizing or taking acknowledgments on documents involving that association. Acknowledgments previously taken in this situation are also validated.https://minnesotalawyer.com/statutes/chapter-51a/51a.53/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.53/This law allows Minnesota-chartered savings associations to exercise any power that a federal savings association is authorized to have, with approval from the state commissioner. This keeps state-chartered associations competitive with their federally chartered counterparts, as long as the power is not specifically prohibited by state law.https://minnesotalawyer.com/statutes/chapter-51a/51a.54/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.54/This law says that if a savings association becomes insolvent, it must be liquidated using the same procedures that apply to insolvent banks. This ensures a consistent and orderly process for winding down failed financial institutions.https://minnesotalawyer.com/statutes/chapter-51a/51a.55/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.55/This law brought all existing home financing and thrift organizations under the Savings Association Act when it took effect in 1969. Existing organizations’ charters and bylaws were automatically amended to conform to the new law. All existing obligations and contracts were preserved.https://minnesotalawyer.com/statutes/chapter-51a/51a.56/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.56/This law says that the Savings Association Act controls whenever it conflicts with any other Minnesota law affecting savings associations. The Act takes precedence over conflicting provisions in other statutes.https://minnesotalawyer.com/statutes/chapter-51a/51a.57/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.57/This law says that if any part of the Savings Association Act is found invalid by a court, the rest of the Act continues in full force. The different sections are independent from each other so that one invalid provision does not bring down the whole law.https://minnesotalawyer.com/statutes/chapter-51a/51a.58/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-51a/51a.58/This law allows Minnesota savings associations to open branch offices in other states if those states allow Minnesota associations to do so on a reciprocal basis. Out-of-state savings associations from reciprocating states can also open branches in Minnesota. The commissioner must adopt rules for this process.