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The certificate of incorporation, when presented to the commissioner of commerce, shall
be accompanied, in the case of a bank, with the certificate of a solvent bank in this state of the
deposit therein, in cash, to the credit of the proposed bank, and payable upon its order when
countersigned by the commissioner of commerce, of an amount equal to its capital stock, surplus
and undivided profits. In the case of a reorganization of a former national bank, it shall also be
accompanied with the written consent of the holders of a majority of its former capital stock. In
the case of a savings bank, it shall be accompanied with proof of four weeks' published notice of
the intention of the incorporators to organize the same, specifying its proposed name and location,
and the names of the proposed incorporators, and that a majority thereof reside in the county of its
proposed location, and a sworn declaration by each proposed trustee that the trustee will perform
the duties as such to the best of that person's ability, according to law, with proof of the record
of such declaration with the county recorder; and if there is a savings bank organized and doing
business in such county, a copy of such notice shall be served by mail on such bank at least
15 days before the filing of such certificate.
History: (7645) RL s 2973; 1965 c 171 s 4; 1976 c 181 s 2; 1983 c 289 s 114 subd 1;
1984 c 655 art 1 s 92; 1986 c 444