2004 Minnesota Statutes

     46.044 Charters issued, conditions. 

    Subdivision 1.    Charters issued, conditions.  An 
 application for a bank charter must be granted if (1) the 
 applicants are of good moral character and financial integrity, 
 (2) there is a reasonable public demand for this bank in this 
 location, (3) the organization expenses being paid by the bank 
 do not exceed those allowed by section 46.043, (4) the probable 
 volume of business in this location is sufficient to insure and 
 maintain the solvency of the new bank and the solvency of the 
 then existing bank or banks in the locality without endangering 
 the safety of any bank in the locality as a place of deposit of 
 public and private money, (5) the commissioner of commerce is 
 satisfied that the proposed bank will be properly and safely 
 managed, and (6) the commissioner is satisfied that the capital 
 funds required pursuant to section 48.02 are available and the 
 commissioner may accept any reasonable demonstration including 
 subscription agreements supported by current financial 
 statements.  If the application does not satisfy the 
 requirements of this subdivision, it must be denied.  In case of 
 the denial of the application, the commissioner of commerce 
 shall specify the grounds for the denial.  A person aggrieved 
 may obtain judicial review of the determination in accordance 
 with chapter 14.  

    Subd. 2.    Expiration and extension of order.  If a 
 bank charter is not activated within 18 months from the date of 
 the order, the approval order automatically expires.  Upon 
 request of the applicant prior to the automatic expiration date 
 of the order, the commissioner may grant reasonable extensions 
 of time to the applicant to activate the facility as the 
 commissioner deems necessary.  The extensions of time shall not 
 exceed a total of an additional 12 months.  If the 
 commissioner's order is the subject of an appeal in accordance 
 with chapter 14, the time period referred to in this section for 
 activation of the bank charter and any extensions shall begin 
 when all appeals or rights of appeal from the commissioner's 
 order have concluded or expired. 

    Subd. 3.    Special purpose banks, exceptions.  For 
 purposes of applications to organize and operate special purpose 
 banks as defined in section 46.046, subdivision 5, the 
 conditions in subdivision 1, clauses (2) and (4), do not apply. 

    HIST: (3999) 1919 c 86 s 3; 1983 c 247 s 23; 1983 c 289 s 
 19,114 subd 2; 1986 c 339 s 1; 1Sp1986 c 3 art 2 s 23; 1992 c 
 587 art 1 s 2; 1993 c 257 s 2; 1996 c 414 art 1 s 4; 1997 c 157 
 s 2