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Can you summarize MNST Chapter 48?
BANKING > BANKS
Short Summary
The legal document reviewed covers various aspects of banking institutions in Minnesota. It defines key terms, such as ‘banking institution’ and ‘commissioner,’ and provides requirements for capital and surplus, issuance of preferred stock, acquisition of trust authority, and opening of checking accounts. The document specifies the minimum capital and surplus requirements for state banks, the process for issuing preferred stock, and the conditions for acquiring trust authority. It also outlines the procedures for opening checking accounts, including the information that must be obtained from applicants. The document does not mention any specific exemptions or penalties. Overall, it provides a comprehensive framework for the operation and regulation of banking institutions in Minnesota.
Whom does it apply to?
The legal document applies to state banks, trust companies, national banking associations, and savings banks organized under the laws of Minnesota.
What does it govern?
The legal document governs the banking institutions in the state of Minnesota, including their capital and surplus requirements, issuance of preferred stock, acquisition of trust authority, and the opening of checking accounts.
What are exemptions?
No specific exemptions are mentioned in the document.
What are the Penalties?
No specific penalties are mentioned in the document.
Jurisdiction
Minnesota