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Minnesota Legislature

Office of the Revisor of Statutes

48.37 CERTIFICATES FROM COMMISSIONER.
In order to exercise the powers herein conferred, any such bank shall invest and keep
invested in one or more of the first, second, third, fourth, seventh, and eighth classes of
authorized securities, at least 25 percent of its capital, which securities in the amounts above
provided shall be duly assigned, transferred to, and deposited with the commissioner provided,
however, that no bank and trust shall be required to deposit securities in excess of $1,000,000,
and shall be maintained unimpaired as a guaranty fund for the integrity of its trusts and for the
faithful discharge of its duties, in connection therewith, with the right to the bank to collect the
income thereof and to substitute other like authorized securities of equal amount and value. The
commissioner shall carefully examine the securities offered for deposit and, if they comply with
all the provisions of law applicable thereto, and, if the bank making such deposit shall possess
the qualifications stated in section 48.36, shall issue to the bank a certificate stating that it is
qualified to exercise the powers herein conferred, and, upon the issuance of this certificate and
while the same remains in force, the bank may exercise the powers and privileges conferred by
sections 48A.07 and 48A.08.
In case of any increase in the capital of any bank which has qualified hereunder, this
certificate shall be and become revoked and the bank shall not thereafter exercise the powers
herein conferred until it shall have deposited the required proportion of its capital in authorized
securities and received a new certificate that it is qualified hereunder.
History: (7662) 1923 c 274 s 2; 1977 c 272 s 10; 1986 c 444; 1998 c 331 s 5