2005 Minnesota Statutes

     51A.55 Conformity. 

    Subdivision 1.    Thrift and home financing organizations. 
  All persons accepting moneys from the public and engaged in 
 home financing, whether or not incorporated, and every 
 corporation heretofore incorporated under the statutes of this 
 state which has for its purpose the promotion of thrift and the 
 financing of homes, except those regulated under other Minnesota 
 statutes or federal laws, by whatever name known, shall at the 
 time sections 51A.01 to 51A.58 become effective be subject to 
 the provisions of sections 51A.01 to 51A.58 and shall be deemed 
 to exist hereunder.  

    Subd. 2.    Existing corporations.  The name, rights, 
 powers, privileges, and immunities of every such corporation 
 heretofore incorporated in this state shall be governed, 
 controlled, construed, extended, limited, and determined by the 
 provisions of sections 51A.01 to 51A.58 to the same extent and 
 effect as if such corporation had been incorporated pursuant 
 hereto, and the articles of association, certificate of 
 incorporation, or charter, however entitled, bylaws and 
 constitution, or other rules of every such corporation 
 heretofore made or existing are hereby modified, altered, and 
 amended to conform to the provisions of sections 51A.01 to 
 51A.58, with or without the issuance or approval by the 
 commissioner of conformed copies of such documents, and the same 
 are declared void to the extent that the same are inconsistent 
 with the provisions of sections 51A.01 to 51A.58; except that 
 the obligations of any such existing corporation, whether 
 between such corporation and its members, or any of them, or any 
 other person or persons, or any valid contract between the 
 members of any such corporation, or between such corporation and 
 any other person or persons, existing on July 1, 1969, shall not 
 be in any way impaired by the provisions of sections 51A.01 to 
 51A.58, and, with such exceptions, every such corporation shall 
 possess the rights, powers, privileges, and immunities and shall 
 be subject to the duties, liabilities, disabilities, and 
 restrictions conferred and imposed by sections 51A.01 to 51A.58, 
 notwithstanding anything to the contrary in its certificate of 
 incorporation, bylaws, constitution, or rules. 

    Subd. 3.    All obligations heretofore contracted may be 
 enforced.  All obligations to any such corporation heretofore 
 contracted shall be enforceable by it and in its name, and 
 demands, claims, and rights of action against any such 
 corporation may be enforced against it as fully and completely 
 as they could have been enforced heretofore.  

    HIST: 1969 c 490 s 55; 1989 c 217 s 15,16; 1996 c 414 art 1 s 
 44; 1997 c 157 s 67; 1998 c 260 s 1