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Minnesota Legislature

Office of the Revisor of Statutes

48A.02 APPLICATION FOR STATE TRUST COMPANY CHARTER.
    Subdivision 1. Procedure. An application for a trust company charter must be in the form
prescribed by the commissioner. The procedure in sections 46.041 to 46.045 apply, except for the
conditions in section 46.044, subdivision 1, clauses (1) to (6).
    Subd. 2. Conditions. The commissioner shall grant an application for a trust company
charter if:
(1) the applicants are of good moral character and financial integrity;
(2) there is reasonable public demand for this trust company in this location that:
(i) considers the needs of the community for trust service of the kind applied for and the
probable volume of trust business available to the applicant; and
(ii) the probable volume of business in this location is sufficient to ensure and maintain
the solvency of the new trust company and the solvency of the existing trust company or trust
companies in the locality;
(3) the commissioner is satisfied the proposed trust company will be properly and safely
managed considering:
(i) the general character and ability of the proposed management;
(ii) the nature of the supervision to be given to the proposed trust activities, including the
qualifications and experience of the members of the proposed trust investment committee;
(iii) the qualifications, experience, and character of the proposed executive officer or officers
of the trust company; and
(iv) whether the trust company will have available competent legal counsel to advise and
pass upon trust matters whenever necessary;
(4) the commissioner is satisfied that the capital funds are available and the commissioner
may accept any reasonable demonstration including subscription agreements supported by current
financial statements; and
(5) any other facts and circumstances that the commissioner considers proper.
The commissioner shall deny an application that does not satisfy the requirements of this
subdivision.
History: 1998 c 331 s 15