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Minnesota Legislature

Office of the Revisor of Statutes

47.02 "BANK" AND "SAVINGS BANK."
A "bank" is a corporation having a place of business in this state, where credits are opened by
the deposit of money or currency, or the collection of the same, subject to be paid or remitted on
draft, check, or order; and where money is loaned or advanced on stocks, bonds, bullion, bills of
exchange, or promissory notes, and where the same are received for discount or sale. A "savings
bank" is a corporation authorized to do business under chapter 50. Every "bank" or "savings
bank" in this state shall at all times be under the supervision and subject to the control of the
commissioner of commerce, and when so conducted the business shall be known as "banking."
History: (7636) 1907 c 111 s 1; 1909 c 103 s 1; 1983 c 289 s 114 subd 1; 1984 c 655
art 1 s 92; 1995 c 171 s 7