1998 Minnesota Statutes

     48.56 Banking institutions may use federal Banking Act.  

    Any banking institution now or hereafter organized under 
 the laws of this state is hereby empowered, on the authority of 
 its board of directors, or a majority thereof, to enter into 
 such contracts, incur such obligations and generally to do and 
 perform any and all such acts and things as may be necessary or 
 appropriate in order to take advantage of any and all 
 memberships, loans, subscriptions, contracts, grants, rights, or 
 privileges which may at any time be available or enure to 
 banking institutions or to their depositors, creditors, 
 stockholders, receivers, or liquidators, by virtue of those 
 provisions of Section 8 of the federal "Banking Acts of 1933" 
 (Section 12B of the Federal Reserve Act, as amended (Mason's 
 United States Code Annotated, title 12, s 264)), which establish 
 the Federal Deposit Insurance Corporation and provide for the 
 insurance of deposits, or of any other provisions of that or of 
 any other act or resolution of Congress to aid, regulate, or 
 safeguard banking institutions and their depositors, including 
 any amendments of the same or any substitutions therefor; and to 
 subscribe for and acquire any stock, debentures, bonds, or other 
 types of securities of the Federal Deposit Insurance 
 Corporation, and to comply with the lawful regulations and 
 requirements from time to time issued or made by such 
 corporation.  

    HIST: (7658-7) 1935 c 319 s 2