Minnesota Legislature
Office of the Revisor of Statutes
2006 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
50.24 EXISTING BANKS CONFORMED; EXCEPTIONS.
The powers, privileges, and duties conferred and imposed on any savings corporation
heretofore organized by its charter or act of incorporation, are hereby abridged, enlarged, or
modified, as each case may require, so that each such charter or act shall be conformed to the
provisions hereof; and every such savings corporation shall possess the powers and privileges,
and be subject to the duties, liabilities, and restrictions herein prescribed; but investments
heretofore lawfully made shall be unaffected by this section, if the same be conformed to the
provisions of this chapter as rapidly as may be, in the ordinary course of business, without loss or
embarrassment to the bank and its patrons; provided, that savings banks organized and existing
prior to the passage of Laws 1879, chapter 109, may continue under the laws then in force
applicable thereto and amendatory thereof until they reorganize hereunder, unaffected by any
provision in Revised Laws 1905, repealing the same, expressly or by implication.
History: (7724) RL s 3032
The powers, privileges, and duties conferred and imposed on any savings corporation
heretofore organized by its charter or act of incorporation, are hereby abridged, enlarged, or
modified, as each case may require, so that each such charter or act shall be conformed to the
provisions hereof; and every such savings corporation shall possess the powers and privileges,
and be subject to the duties, liabilities, and restrictions herein prescribed; but investments
heretofore lawfully made shall be unaffected by this section, if the same be conformed to the
provisions of this chapter as rapidly as may be, in the ordinary course of business, without loss or
embarrassment to the bank and its patrons; provided, that savings banks organized and existing
prior to the passage of Laws 1879, chapter 109, may continue under the laws then in force
applicable thereto and amendatory thereof until they reorganize hereunder, unaffected by any
provision in Revised Laws 1905, repealing the same, expressly or by implication.
History: (7724) RL s 3032
Official Publication of the State of Minnesota
Revisor of Statutes