2006 Minnesota Code
Chapters 46 - 59 Banking
Chapter 48A Trust Companies
Section 48A.04 CERTAIN TRUST COMPANIES MAY ASSUME POWERS OF STATE BANKS.

48A.04 CERTAIN TRUST COMPANIES MAY ASSUME POWERS OF STATE BANKS.
Subdivision 1. Authority. Upon complying with the terms of this section, a trust company
organized under section 47.12 has all the powers and privileges of a state bank not otherwise
granted to trust companies and is subject to and must comply with all the laws of this state
applicable to state banks.
Subd. 2. Application. In considering the application of a trust company to assume the
powers of a state bank, the department shall proceed in the same manner and be governed by the
same laws that are applicable to applications for charters for new state banks.
Subd. 3. Certificates to be amended. In order to exercise the powers granted under this
subdivision, the trust company shall amend its certificate of incorporation to include the additional
powers of a state banking corporation. This amendment may include the change of the corporate
name of the trust company. The trust company shall display in its place of business the certificate
of the authorization issued by the commissioner of commerce.
Amendments to the certificate of incorporation must be made under section 47.171. Before
becoming effective, these amendments must be approved by the department and the approval
must be endorsed upon the certificate of amendment.
Subd. 4. Trust companies to comply with certain laws. No trust company of this state shall
conduct a banking business, as defined in section 47.02, exercising deposit taking powers, without
complying with the reserve requirements of section 48.221.
History: 1998 c 331 s 17; 2005 c 69 art 3 s 3,4