SF 3589

Introduction - 91st Legislature (2019 - 2020)

Posted on 08/20/2020 09:12 a.m.

A bill for an act
relating to financial institutions; modifying authorized investments for banks and
trust companies; amending Minnesota Statutes 2018, section 48.61, subdivision
3.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2018, section 48.61, subdivision 3, is amended to read:

Subd. 3.

Banks or bank holding companies.

The bank or trust company may invest
new text begin an amount new text end not to exceed ten percent of its capital and surplus in shares of stock in any banks
or bank holding companies wherein the stock of the banks or bank holding companies is
deleted text begin (1) deleted text end owned exclusively by bank holding companies or banks deleted text begin , and (2) at least 51 percent of
the voting stock is owned or controlled by bank holding companies or banks authorized to
do business in the state of Minnesota deleted text end .