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.
48.08 DIRECTORS AND OFFICERS, RESTRICTED USE OF BANK FUNDS;
DEALINGS WITH BANK.
No director, officer or employee shall, directly or indirectly, in any manner, use the funds of
the bank, or any part thereof, except in its regular business transactions, and every loan made to
any of its directors, officers, employees, or agents shall be upon the same security required of
others and in strict conformity to its rules and regulations. No cashier or other officer or employee
of a bank shall sell to the bank, directly or indirectly, any mortgage, bond, note, stock, or other
security without the written approval of the board of directors, filed in the office of the bank or
embodied in a resolution adopted by the board. A copy of this written approval or resolution shall
immediately be sent to the commissioner of commerce.
History: (7673) RL s 2989; 1925 c 305 s 1; 1957 c 601 s 8; 1965 c 171 s 8; 1980 c 399
s 1; 1984 c 576 s 9; 2003 c 51 s 7
DEALINGS WITH BANK.
No director, officer or employee shall, directly or indirectly, in any manner, use the funds of
the bank, or any part thereof, except in its regular business transactions, and every loan made to
any of its directors, officers, employees, or agents shall be upon the same security required of
others and in strict conformity to its rules and regulations. No cashier or other officer or employee
of a bank shall sell to the bank, directly or indirectly, any mortgage, bond, note, stock, or other
security without the written approval of the board of directors, filed in the office of the bank or
embodied in a resolution adopted by the board. A copy of this written approval or resolution shall
immediately be sent to the commissioner of commerce.
History: (7673) RL s 2989; 1925 c 305 s 1; 1957 c 601 s 8; 1965 c 171 s 8; 1980 c 399
s 1; 1984 c 576 s 9; 2003 c 51 s 7
Official Publication of the State of Minnesota
Revisor of Statutes