2005 Minnesota Statutes - 47.02 — "Bank" and "savings bank."

     47.02 "Bank" and "savings bank." 


    A "bank" is a corporation having a place of business in 
 this state, where credits are opened by the deposit of money or 
 currency, or the collection of the same, subject to be paid or 
 remitted on draft, check, or order; and where money is loaned or 
 advanced on stocks, bonds, bullion, bills of exchange, or 
 promissory notes, and where the same are received for discount 
 or sale.  A "savings bank" is a corporation authorized to do 
 business under chapter 50.  Every "bank" or "savings bank" in 
 this state shall at all times be under the supervision and 
 subject to the control of the commissioner of commerce, and when 
 so conducted the business shall be known as "banking."  


    HIST: (7636) 1907 c 111 s 1; 1909 c 103 s 1; 1983 c 289 s 114 
 subd 1; 1984 c 655 art 1 s 92; 1995 c 171 s 7