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Minnesota Legislature

Office of the Revisor of Statutes

No bank or trust company organized under the laws of this state shall maintain a branch bank
or receive deposits or pay checks within this state, except at its own banking house, and except
as authorized by sections 47.51 to 47.57, 47.61 to 47.74, and 49.411. The commissioner shall
take possession of and liquidate the business and affairs of any state bank or trust company
violating the provisions of this section, in the manner prescribed by law for the liquidation of
insolvent state banks and trust companies.
History: (7693) 1923 c 170 s 1; 1981 c 220 s 10; 1996 c 414 art 3 s 6