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2007 Minnesota Statutes

This is a historical version of this statute chapter. Also view the most recent published version.

    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.
History: (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

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