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Minnesota Legislature

Office of the Revisor of Statutes

48.17 POWERS OF OFFICERS OR EMPLOYEES.
No officer or employee of a bank or trust company shall have power or authority to borrow
money, execute guaranties or endorse, otherwise than without recourse, pledge or hypothecate
any note, bond, or other obligation belonging to the bank or trust company unless the power and
authority shall have been given the officer or employee by the board of directors and a written
record thereof made in the minute book of the bank and a certified copy of the record delivered to
the creditor, guarantee, pledgee, or endorsee of the note, bond, guaranty, or other obligation.
History: (7699-15) 1927 c 257 s 2