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.
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.
History: 1961 c 740 s 2; 1965 c 77 s 1; 1965 c 732 s 1; 1969 c 6 s 40
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.
History: 1961 c 740 s 2; 1965 c 77 s 1; 1965 c 732 s 1; 1969 c 6 s 40
Official Publication of the State of Minnesota
Revisor of Statutes