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Minnesota Legislature

Office of the Revisor of Statutes

Any state bank which has qualified hereunder may at any time notify the commissioner, in
writing, that it intends to cease to operate under the provisions of section 48.37, and thereupon
the certificate issued to it, as provided in section 48.37, shall be canceled and revoked, and the
bank shall thereafter exercise no power or privilege except those permitted to state banks which
have not qualified hereunder, and the securities deposited with the commissioner, as provided in
section 48.37, shall forthwith be reassigned and returned to the bank; provided, that no part of the
deposited securities shall be so returned until the bank shall have eliminated from its corporate
name the words "trust," "trust company," or "savings," nor until it has ceased to hold any trust
or trust office authorized by section 48.37, nor until all its accounts in any such trust shall have
been settled and allowed and all property held in trust by it delivered to the persons entitled
thereto, nor until all liabilities incurred by it as trustee, agent, or otherwise, under the provisions
of section 48.37, and which it could not have incurred unless qualified thereunder, shall have been
discharged; provided, further, that if the amount of all these liabilities, or the maximum limit
thereof, has been or can be definitely ascertained, the commissioner may retain only such part of
the deposited securities as shall be at least equal to and as shall be in the commissioner's opinion
sufficient to liquidate the same. If any such bank so surrendering its powers hereunder shall have
heretofore used the word "savings" in its corporate name, the provisions of section 48.42, relating
to the investment of savings deposits and the rights of such depositors, shall remain operative as
to all savings deposits on hand at the date of surrendering such certificate and until the savings
deposits shall have been paid to the persons entitled thereto.
History: (7668) 1923 c 274 s 8; 1986 c 444; 1998 c 331 s 9