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.
48.42 BANK MAY BE DESIGNATED AS SAVINGS BANK.
Any state bank which has qualified under section 48.37 and obtained the certificate therein
provided, and which has established and maintains a savings department, may use in its name or
title, in addition to other words permitted by law, the words "savings" or "savings bank." Savings
deposits received by any such state bank using the words "savings" or "savings bank" in its
corporate name or title, shall be invested only in authorized securities, as defined by law, and the
bank shall keep in hand at all times, in addition to the securities required to be deposited under the
provisions of section 48.37, such securities as deposits in savings banks may be invested in to an
amount at least equal to the savings deposits, and these securities to the amount of these deposits
shall be representative of and the fund for and applicable first and exclusively to the payment
of the savings deposits. Deposits received by the bank subject to its right to require notice of
withdrawal evidenced by pass books, shall be deemed savings deposits.
History: (7667) 1923 c 274 s 7; 1998 c 331 s 8
Any state bank which has qualified under section 48.37 and obtained the certificate therein
provided, and which has established and maintains a savings department, may use in its name or
title, in addition to other words permitted by law, the words "savings" or "savings bank." Savings
deposits received by any such state bank using the words "savings" or "savings bank" in its
corporate name or title, shall be invested only in authorized securities, as defined by law, and the
bank shall keep in hand at all times, in addition to the securities required to be deposited under the
provisions of section 48.37, such securities as deposits in savings banks may be invested in to an
amount at least equal to the savings deposits, and these securities to the amount of these deposits
shall be representative of and the fund for and applicable first and exclusively to the payment
of the savings deposits. Deposits received by the bank subject to its right to require notice of
withdrawal evidenced by pass books, shall be deemed savings deposits.
History: (7667) 1923 c 274 s 7; 1998 c 331 s 8
Official Publication of the State of Minnesota
Revisor of Statutes