48.46 AUTHORIZED SECURITIES PURCHASED.
No state bank hereafter organized with authority to exercise fiduciary powers pursuant to
the provisions of sections
48A.07 and
48A.08, the corporate name of which contains the words
"trust" or "trust company," shall transact any banking or trust company business until it shall have
invested in and assigned, transferred to, and deposited with the commissioner the authorized
securities described in and required by section
48.37, relating to the authorization of existing state
banks to exercise such fiduciary powers, and until the commissioner of commerce has issued
the certificate provided by section
47.16, and a certificate stating that such bank is qualified to
exercise the fiduciary powers set forth in sections
48A.07 and
48A.08.
History: (7661-3) 1931 c 267 s 3; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1998
c 331 s 12