Minnesota Statutes 48.56 – Banking Institution May Use Federal Banking Laws
Subdivision 1.General powers.
The board of directors of a banking institution may enter into a contract, incur an obligation, or generally do what is necessary or appropriate to make use of United States Code, title 12, § 1811, or any act or resolution of Congress enacted or resolved to aid, regulate, or safeguard banking institutions and their depositors.
Subd. 2.General rights and privileges.
Terms Used In Minnesota Statutes 48.56
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Terms Used In Minnesota Statutes 48.56
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Memberships, loans, subscriptions, contracts, grants, rights, or privileges that, under the act or resolution, are available to or enure to banking institutions, or their depositors, creditors, stockholders, receivers, or liquidators may be taken advantage of under this section.
Subd. 3.Purchase of FDIC securities.
The board may subscribe for and acquire securities of the Federal Deposit Insurance Corporation.
Subd. 4.Complying with FDIC requirements.
The board may comply with the corporation’s requirements.