2006 Minnesota Statutes

51A.11 ACCESS TO BOOKS AND RECORDS; COMMUNICATION WITH MEMBERS
OR STOCKHOLDERS.
    Subdivision 1. Exclusiveness of access. The right of inspection and examination of the
books and records of an association including those pertaining to loans and accounts shall be
limited (1) to the commissioner or duly authorized representatives as provided in sections 51A.01
to 51A.57, (2) to persons duly authorized by the association to act for the association, (3) to
affiliates, and (4) to any federal or state instrumentality or agency authorized by the association
to inspect or examine the books and records of an insured association. The books and records
pertaining to the accounts, loans, and voting rights of depositors, borrowers, or stockholders shall
otherwise be kept confidential by such association, its directors, officers, and employees, and by
the commissioner, the commissioner's examiners and representatives, except where the disclosure
thereof shall be compelled by a court of competent jurisdiction or public authority in accordance
with law, and no depositor, borrower, or stockholder or any other person shall have access to the
books and records or shall be furnished or shall possess a partial or complete list of the depositors,
borrowers, or stockholders except upon authority of the board of directors.
    Subd. 2. Communication with members or stockholders. In the event, however, that any
member, members, stockholder, or stockholders desires to communicate with the other members
or stockholders of the association with reference to any question pending or to be presented for
consideration at a meeting of the members or stockholders, the association shall furnish upon
request a statement of the approximate number of members or stockholders of the association
at the time of the request, and an estimate of the cost of forwarding the communication. The
requesting member, members, stockholder, or stockholders shall then submit the communication,
together with a sworn statement that the proposed communication is not for any reason other
than the business welfare of the association, to the commissioner who, if the commissioner
finds it to be appropriate, truthful, and in the best interests of the association and its members or
stockholders, shall execute a certificate setting out the findings, forward the certificate together
with the communication to the association, and direct that the communication be prepared
and mailed by the association to the members or stockholders upon the requesting member's,
members', stockholder's, or stockholders' payment to it of the expenses of the preparation and
mailing. If the commissioner finds the proposed communication to be inappropriate, untruthful, or
contrary to the best interests of the association and its members or stockholders, the commissioner
shall have the discretion to make any disposition of the request to communicate which the
commissioner deems proper and shall execute a certificate setting out the finding and deliver it to
the requesting member or stockholder together with an order making disposition of the request.
    Subd. 3.[Repealed, 1988 c 666 s 75]
History: 1969 c 490 s 11; 1981 c 276 s 15; 1986 c 444; 1988 c 666 s 17; 1996 c 414 art 1 s
44; 1997 c 157 s 67; 1998 c 260 s 1