Chapter 53 — Organization

53.01 Organization This section sets out how to form an industrial loan and thrift company in Minnesota. Three or more people who want to … 53.015 Definitions This section defines key financial terms used in the industrial loan and thrift company chapter. It explains what … 53.02 Capital This section sets the minimum capital an industrial loan and thrift company must have. The common stock capital must be … 53.03 Certificate This section explains how a new industrial loan and thrift company applies for and receives a certificate of … 53.04 Special Powers This section lists the special powers an industrial loan and thrift company has, in addition to the ordinary powers of a … 53.05 Powers, Limitation This section lists acts an industrial loan and thrift company may not do. It cannot carry demand banking accounts, … 53.051 This section has been repealed and is no longer in effect. It was removed by Laws 1981, chapter 258, section 23. 53.06 Directors, Residence This section sets a residency requirement for the directors of certain industrial loan and thrift companies. If the … 53.07 Reserve This section requires an industrial loan and thrift company to keep reserves of liquid assets at a level reasonably … 53.08 Dividends This section governs when an industrial loan and thrift company may declare and pay dividends. The board may declare a … 53.09 Oversight and Administration This section sets out how the state Department of Commerce oversees industrial loan and thrift companies. The … 53.10 Mandatory Insurance of Accounts This section requires industrial loan and thrift companies that issue investment certificates, savings accounts, or …