2005 Minnesota Statutes

     318.01 Organization; scope of business.  

    Two or more natural persons, whether residents of this 
 state or not, or two or more corporations which are now 
 organized or may hereafter be organized, which includes all 
 domestic corporations, national banks and only those foreign 
 corporations which hold a certificate of authority to transact 
 business in this state, may organize and associate themselves 
 together for the purpose of transacting business in this state 
 under what is commonly designated or known as a "declaration of 
 trust" or "business trust"; provided, however, no such 
 association shall ever be permitted or authorized to transact in 
 this state any business of insurance except the kind of business 
 of insurance specified in section 60A.06, subdivision 1(7), and 
 all acts amendatory thereof; and further provided, however, no 
 such association shall ever be permitted or authorized to 
 transact a banking or surety business, of any kind, in this 
 state.  

    HIST: 1961 c 740 s 2; 1965 c 77 s 1; 1965 c 732 s 1; 1969 c 6 
 s 40