2007 Minnesota Statutes

47.19 CORPORATION MAY BE MEMBER OR STOCKHOLDER OF FEDERAL
AGENCY.
    Any corporation is hereby empowered and authorized to become a member of, or stockholder
in, any such agency, and to that end to purchase stock in, or securities of, or deposit money with,
such agency and/or to comply with any other conditions of membership or credit; to borrow
money from such agency upon such rates of interest, not exceeding the contract rate of interest in
this state, and upon such terms and conditions as may be agreed upon by such corporation and
such agency, for the purpose of making loans, paying withdrawals, paying maturities, paying
debts, and for any other purpose not inconsistent with the objects of the corporation; provided,
that the aggregate amount of the indebtedness, so incurred by such corporation, which shall be
outstanding at any time shall not exceed 35 percent of the then total assets of the corporation;
to assign, pledge and hypothecate its bonds, mortgages or other assets; and, in case of savings
associations, to repledge with such agency the shares of stock in such association which any
owner thereof may have pledged as collateral security, without obtaining the consent thereunto
of such owner, as security for the repayment of the indebtedness so created by such corporation
and as evidenced by its note or other evidence of indebtedness given for such borrowed money;
and to do any and all things which shall or may be necessary or convenient in order to comply
with and to obtain the benefits of the provisions of any act of Congress creating such agency, or
any amendments thereto.
History: (7658-2) 1933 c 101 s 2; 1995 c 202 art 1 s 25; 2007 c 44 s 1; 2007 c 57 art 3 s 7