1997 Minnesota Statutes

     48.75 Prohibited dealings and indebtedness.  

    Trust companies shall not engage in any banking, 
 mercantile, manufacturing, or other business, except such as is 
 herein expressly authorized for such a corporation.  It shall 
 not lend its funds, moneys, capital, trust funds, or any other 
 property whatsoever, to any director, officer, agent, or 
 employee, nor shall any such director, officer, agent, or 
 employee become in any manner indebted to it by means of any 
 overdraft, promissory note, account, endorsement, guaranty, or 
 any other contract; and any such director, officer, agent, or 
 employee who shall become so indebted to it shall be guilty of 
 theft of the amount of such indebtedness from the time of its 
 creation.  

    HIST: (7740) RL s 3045; 1965 c 35 s 3