2004 Minnesota Statutes

     47.12 Financial corporations. 

    Corporations may be formed for any one of the following 
 purposes: 

    (1) carrying on the business of banking, by receiving 
 deposits, buying, selling, and discounting notes, bills, and 
 other evidences of debt legal for investment, domestic or 
 foreign, dealing in gold and silver bullion and foreign coins, 
 issuing circulating notes, and loaning money upon real estate or 
 personal security or upon the creditworthiness of the borrower; 

    (2) establishing and conducting clearinghouses, for 
 effecting, in one place, the speedy and systematic daily 
 exchange and adjustment of balances between banks and bankers in 
 any municipality, town, or county, establishing and enforcing 
 uniform methods of conducting the banking business in such 
 locality, and adjusting disputes or misunderstandings between 
 members of such clearinghouse engaged in the banking business; 

    (3) creating and conducting savings banks for the 
 reception, on deposit, of money offered for that purpose, the 
 investment thereof, and the declaring, crediting, and paying of 
 dividends or interest thereon, as authorized and provided by 
 law; 

    (4) transacting business as a trust company in conformity 
 with the laws relating thereto; and 

    (5) carrying on, in accordance with law, the business of 
 savings associations.  

    HIST: (7441) RL s 2847; 1965 c 171 s 3; 1995 c 171 s 9