2007 Minnesota Statutes

51A.42 SAVINGS ASSOCIATIONS.
    Subdivision 1. Commerce Department to control. The Department of Commerce shall
have charge of the execution of all laws relating to the savings associations chartered under the
laws of Minnesota and the business thereof.
    Subd. 2. Supervisor. The commissioner may appoint a savings association supervisor, whose
duties shall be the supervision of all savings associations in this state.
    Subd. 3. Commissioner to supervise. (a) Visits; examinations; books and records. The
commissioner shall exercise a constant supervision over the books and affairs of all associations
doing business within the state as provided in section 46.04.
(b) Rules. The commissioner shall have the right to pass further rules deemed necessary to
enable savings associations to properly carry on the activities authorized under sections 51A.01 to
51A.57 and which are not inconsistent with the provisions of sections 51A.01 to 51A.57.
    Subd. 4. Official communications referred to directors. Each official communication from
the commissioner to an association, relating to any examination conducted by the Commerce
Department, or containing suggestions and recommendations as to the conduct of business of
the association, shall be submitted by the officer receiving it to the board of directors at the next
meeting of the board and noted in the minutes thereof.
History: 1969 c 490 s 42; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1985 c 248 s 70;
1996 c 414 art 1 s 44; 1997 c 157 s 67; 1998 c 260 s 1