2006 Minnesota Statutes

51A.19 RECORDS.
    Subdivision 1. Records to be kept at home office. Every association shall keep at the
home office correct and complete books of account and minutes of the proceedings of members,
directors, stockholders, and the executive committee. Complete records of all business transacted
at the home office shall be maintained at the home office. Control records of all business
transacted at other offices shall be maintained at the home office.
    Subd. 2.[Repealed, 1988 c 666 s 75]
    Subd. 3.[Repealed, 1988 c 666 s 75]
    Subd. 4. Books to be closed at least annually. Every association shall close its books at the
close of business on December 31 of each year, or more often if desired by the association.
    Subd. 5. Charging off or setting up reserves against bad assets. The commissioner may
order that assets, individually or in the aggregate, to the extent that such assets are overvalued
on an association's books, be charged off, or that a special reserve or reserves equal to such
overvaluation be set up by transfers from undivided profits or reserves.
    Subd. 6. Bonds and other obligations to be carried at cost. The bonds or other interest
bearing obligations purchased by an association shall not be carried on its books at more than
the cost thereof.
    Subd. 7. Real estate to be carried at amount invested in same. An association shall
not carry any real estate on its books at a sum in excess of the total amount invested by such
association on account of such real estate, including advances, costs, and improvements but
excluding accrued but uncollected interest.
    Subd. 8. Appraisal of real estate owned and that securing delinquent loans. Every
association shall have appraised each parcel of real estate at the time of acquisition. The report
of each appraisal shall be kept in the records of the association. In addition to the powers under
section 51A.44, subdivision 6, the commissioner may require the appraisal of real estate securing
loans which are delinquent more than four months.
    Subd. 9. Maintenance of loan and investment records. Every association shall
maintain complete loan and investment records, and shall do so in a manner satisfactory to
the commissioner. Detailed records necessary to make determinations of compliance by an
association with the requirements of sections 47.59 and 51A.35 to 51A.386, and other provisions
of sections 51A.01 to 51A.57 shall be maintained consistently and at all times, the record of each
real estate loan or other secured loan or investment containing documentation to the satisfaction
of the commissioner of the type, adequacy, and complexion of the security.
    Subd. 10. Maintenance of membership records. Every mutual association shall maintain
membership records, which shall show the name and address of the member, the status of the
member as a savings account holder, or an obligor, or a savings account holder and obligor, and
the date of membership thereof. In the case of members holding a savings account the mutual
association shall obtain a savings account contract containing the signature of each holder of such
account or a duly authorized representative, and shall preserve such contract in the records of
the association.
    Subd. 11. Maintenance of stockholder records; report to commissioner. Every capital
stock association shall at all times keep an accurate verified list of all its stockholders with the
amount of stock held by each, the type of stock, voting status, the dates of all issuances and
transfers, and names of transferees, and shall annually file a copy of the list as it appears on the
date of the annual stockholders meeting with the commissioner. A capital stock association has
the power to employ the services of a transfer agent to maintain stockholder records and perform
stock transfer services. Whenever a change occurs in the outstanding voting stock of any capital
stock association which will result in control or in a change in the control of the association it
shall promptly report the facts to the commissioner of commerce. As used in this subdivision
the term "control" means the power to directly or indirectly direct or cause the direction of the
management or policies of the association. A change in ownership of capital stock which would
result in direct or indirect ownership by a stockholder or an affiliated group of stockholders of less
than 25 percent of the outstanding capital stock shall not be considered a change of control. If
there is any doubt as to whether a change in the outstanding voting stock is sufficient to result in
control thereof or to effect a change in control thereof, the doubt shall be resolved in favor of
reporting the facts to the commissioner.
    Subd. 12. Commissioner may require forms and other records. Every association shall
use the forms and keep the records, including without limitation, those of its members or
stockholders, the commissioner from time to time requires.
    Subd. 13. Reproduction and destruction of records. Any association may cause any or all
records kept by the association to be copied or reproduced by any photostatic, photographic, or
microfilming process which correctly and permanently copies, reproduces, or forms a medium
for copying or reproducing the original record on a film or other durable material, and the
association may thereafter dispose of the original record. Any copy or reproduction shall be
deemed to be an original record for all purposes and shall be treated as an original record in all
courts or administrative agencies for the purpose of its admissibility in evidence. A facsimile,
exemplification, or certified copy of any copy or reproduction reproduced from a film record shall,
for all purposes, be deemed a facsimile, exemplification or certified copy of the original record.
History: 1969 c 490 s 19; 1976 c 196 s 7; 1981 c 276 s 19-22; 1983 c 289 s 114 subd 1;
1984 c 655 art 1 s 92; 1986 c 444; 1988 c 666 s 23-25; 1989 c 209 art 2 s 1; 1995 c 202 art 3 s 7;
1996 c 414 art 1 s 44; 1997 c 157 s 67; 1998 c 260 s 1