Minnesota Statutes 48.11 – Contracts, How Made
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Every contract made by any bank, except routine business, shall be first duly authorized by resolution of its board of directors, signed by the president or vice-president and by the cashier or some other officer specially designated by the board, and have its corporate seal impressed thereon.
Terms Used In Minnesota Statutes 48.11
- Contract: A legal written agreement that becomes binding when signed.
- seal: includes an impression thereof upon the paper alone, as well as an impression on a wafer, wax, or other substance thereto attached. See Minnesota Statutes 645.44