Minnesota Legislature
Office of the Revisor of Statutes
2007 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
48.31 STATE BANKS ORGANIZED FROM NATIONAL BANKS.
When any national bank authorized to dissolve has taken the necessary steps for that purpose,
a majority of its directors, upon authority, in writing, of the owners of two-thirds of the capital
stock and the approval of the commissioner, may execute a certificate of incorporation under the
provisions of this chapter, which, in addition to the other requirements of law, shall state the
authority derived from the stockholders of the national bank; and, upon recording and publishing
this certificate, as provided by law, it shall become a legal state bank. Thereupon the assets, real
and personal, of the dissolved bank, subject to its liabilities not liquidated under the federal law
before this incorporation, shall vest in and become the property of the state bank.
History: (7695) RL s 3006
When any national bank authorized to dissolve has taken the necessary steps for that purpose,
a majority of its directors, upon authority, in writing, of the owners of two-thirds of the capital
stock and the approval of the commissioner, may execute a certificate of incorporation under the
provisions of this chapter, which, in addition to the other requirements of law, shall state the
authority derived from the stockholders of the national bank; and, upon recording and publishing
this certificate, as provided by law, it shall become a legal state bank. Thereupon the assets, real
and personal, of the dissolved bank, subject to its liabilities not liquidated under the federal law
before this incorporation, shall vest in and become the property of the state bank.
History: (7695) RL s 3006
Official Publication of the State of Minnesota
Revisor of Statutes