2005 Minnesota Statutes - 48.07 — Officers; appointment, removal.

     48.07 Officers; appointment, removal. 


    The board of directors of a bank or trust company organized 
 under the laws of this state shall have full power and authority 
 at any time to appoint and remove any officer or employee.  


    Every bank or trust company organized under the laws of 
 this state, except when otherwise specially provided, must have 
 a president, secretary, and treasurer, and may have one or more 
 vice-presidents and other officers, as its certificate of 
 incorporation or bylaws may provide.  Their respective duties 
 must be prescribed in the certificate of incorporation or in the 
 bylaws.  Only one president of record may act on behalf of the 
 bank or trust company; however, additional officers may be 
 titled president for purposes of empowering those additional 
 officers to function as managing officers of detached facilities 
 of banks. 


    HIST: (7699-4) 1927 c 259 s 1; 2005 c 69 art 1 s 12 


*   NOTE:  The amendment to this section by Laws 2005, chapter 
*69, article 1, section 12, is effective August 1, 2006.  Laws 
*2005, chapter 69, article 4, section 2.