1997 Minnesota Statutes

     501B.45 Sale of banks owned by charitable trusts. 

    Subdivision 1.    Definitions.  For the purpose of this 
 section, "charitable trust" means a charitable trust subject to 
 supervision by the attorney general under the supervision of 
 charitable trusts and trustees act, sections 501B.33 to 501B.45, 
 that is required to divest excess business holdings by section 
 4943 of the Internal Revenue Code of 1986 and that owned 100 
 percent of a bank holding company on May 26, 1969, the date of 
 enactment of section 4943 of the Internal Revenue Code of 1954. 

    Subd. 2.    Authorization.  The stock or assets of one 
 or more banks or a bank holding company owned directly or 
 indirectly by a charitable trust may be sold, assigned, merged, 
 or transferred by the charitable trust under the procedures in 
 section 48.93 to a bank holding company, bank, or other 
 qualified entity as permitted by applicable banking laws without 
 regard to whether the entity acquiring the stock or assets is 
 located in a reciprocating state. 

    Subd. 3.    Legislative intent.  It is the express 
 intention of the Minnesota legislature to act pursuant to United 
 States Code, title 12, section 1842(d), to permit certain 
 charitable trusts to sell, assign, or transfer certain financial 
 institutions' assets without regard to whether the entity 
 acquiring the assets of the charitable trust is located outside 
 of this state. 

    Subd. 4.    Additional acquisitions.  A bank holding 
 company, other than a reciprocating state bank holding company 
 as defined in section 48.92, subdivision 8, that directly or 
 indirectly acquires control of a bank located in this state 
 under the provisions of this section may acquire additional bank 
 assets through the expenditure of an annual amount not to exceed 
 five percent of the Minnesota assets of the acquired bank 
 holding company as of December 31 of the preceding year.  The 
 restrictions within this subdivision apply only until the bank 
 holding company making an acquisition under this section becomes 
 a reciprocating state bank holding company.  This section does 
 not prohibit the bank holding company from being granted a 
 charter for a de novo bank or from establishing de novo detached 
 facilities pursuant to Minnesota law. 

    HIST: 1989 c 340 art 1 s 37