2005 Minnesota Statutes - 47.14 — Certificate; how accompanied.

     47.14 Certificate; how accompanied.  


    The certificate of incorporation, when presented to the 
 commissioner of commerce, shall be accompanied, in the case of a 
 bank, with the certificate of a solvent bank in this state of 
 the deposit therein, in cash, to the credit of the proposed 
 bank, and payable upon its order when countersigned by the 
 commissioner of commerce, of an amount equal to its capital 
 stock, surplus and undivided profits.  In the case of a 
 reorganization of a former national bank, it shall also be 
 accompanied with the written consent of the holders of a 
 majority of its former capital stock.  In the case of a savings 
 bank, it shall be accompanied with proof of four weeks' 
 published notice of the intention of the incorporators to 
 organize the same, specifying its proposed name and location, 
 and the names of the proposed incorporators, and that a majority 
 thereof reside in the county of its proposed location, and a 
 sworn declaration by each proposed trustee that the trustee will 
 perform the duties as such to the best of that person's ability, 
 according to law, with proof of the record of such declaration 
 with the county recorder; and if there is a savings bank 
 organized and doing business in such county, a copy of such 
 notice shall be served by mail on such bank at least 15 days 
 before the filing of such certificate. 


    HIST: (7645) RL s 2973; 1965 c 171 s 4; 1976 c 181 s 2; 1983 c 
 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1986 c 444