Minn. Stat. § 51A.01
Citation
Sections 51A.01 to 51A.58 may be cited as the "Savings Association Act."
Minnesota Statutes Chapter 51A — Savings Associations
Minnesota · statute · Minn. Stat. ch. 51A · 60 active provisions
Provisions
Minn. Stat. § 51A.02
Definitions
Subdivision 1. Scope. When used in sections 51A.01 to 51A.57, the words and phrases defined in this section have the meanings given them, except to the extent that any such word or phrase specifically is qualified by its context. Subd. 2. MS 1986 [Renumbered subd 7] Subd. 2. Affiliate. "Affiliate" means a person or org…
Minn. Stat. § 51A.03
Incorporation
Subdivision 1. Application for certificate of incorporation. Any three or more individuals, residents of this state, may apply to form a mutual association or capital stock association to promote thrift and home financing subject to approval as provided in sections 51A.01 to 51A.57. Three of the individual applicants s…
Minn. Stat. § 51A.04
Organization of Mutual Associations
Subdivision 1. Selection of chair of incorporators; savings liability required. The incorporators of a mutual association shall appoint one of their number as chair of the incorporators. The incorporators, before a certificate of incorporation is issued, shall pay in cash to the chair, as subscriptions to the savings a…
Minn. Stat. § 51A.041
Organization of Capital Stock Associations
Subdivision 1. Selection of chair of incorporators; surety bond and capital required. The incorporators of a capital stock association shall appoint one of their number as chair of the incorporators and the chair shall procure from a surety company or other surety acceptable to the commissioner, a surety bond in an amo…
Minn. Stat. § 51A.05
Name; Office
Subdivision 1. Corporate name. The name of every association shall include the word "saving" or "savings." The use of the words "national," "federal," or "United States," or any form of these words, separately or in any combination with other words or syllables, is prohibited as part of the corporate name of an associa…
Minn. Stat. § 51A.06
Conversion
Subdivision 1. [Repealed, 1981 c 276 s 32] Subd. 2. [Repealed, 1981 c 276 s 32] Subd. 3. Limitation. No conversion of an association, direct or indirect, shall be permitted except as specifically authorized by sections 51A.01 to 51A.57 or other provision of the Minnesota Statutes.
Minn. Stat. § 51A.065
Mutual and Capital Stock Conversions
Subdivision 1. Types of conversions. Any mutual or capital stock association, or mutual or capital stock federal association, if substantial business benefit to the applicant will result, may apply to convert to one of the following other forms of organization: mutual association, capital stock association, mutual fede…
Minn. Stat. § 51A.07
Power to Reorganize, Merge, or Consolidate
Pursuant to a plan adopted by the board of directors and approved by the commissioner as equitable to the members or stockholders of the association and as not impairing the usefulness and success of other properly conducted associations in the community, an association shall have power to reorganize or to merge or con…
Minn. Stat. § 51A.08
Dissolution
Subdivision 1. Notice and vote. Any association, by a vote of three-fourths of its members or stockholders eligible to vote at any regular meeting of its members or stockholders or at any special meeting called for that purpose, of which regular or special meeting at least ten days' written notice, specifying the matte…
Minn. Stat. § 51A.09
Meetings of Members of Mutual Associations
Subdivision 1. Annual and special. An annual meeting of the members of each mutual association shall be held in the month of January, as fixed in the bylaws of the association. Special meetings may be called as provided in the bylaws. Subd. 2. Members entitled to vote. The members who shall be entitled to vote at any m…
Minn. Stat. § 51A.10
Membership Charges Prohibited
The mutual association shall not directly or indirectly charge any membership, admission, withdrawal, or any fee or sum of money for the privilege of becoming, remaining, or ceasing to be a member of the mutual association, except charges authorized by this chapter. Except as authorized by this chapter, the mutual asso…
Minn. Stat. § 51A.11
Access to Books and Records; Communication with Members or Stockholders
Subdivision 1. Exclusiveness of access. The right of inspection and examination of the books and records of an association including those pertaining to loans and accounts shall be limited (1) to the commissioner or duly authorized representatives as provided in sections 51A.01 to 51A.57, (2) to persons duly authorized…
Minn. Stat. § 51A.12
Financial Statement; Mutual Associations
Every mutual association shall prepare and publish annually within 30 days of the close of the association's fiscal year in a newspaper of general circulation in the county in which the principal office of the association is located, and shall deliver to each member upon application therefor, a statement of its financi…
Minn. Stat. § 51A.13
Directors of Mutual Associations
Subdivision 1. Composition. The business of the association shall be directed by a board of directors of not less than five nor more than 15 as determined by, and elected by ballot from among, the members by a plurality of the votes of the members present. If authorized by vote of the members the directors may elect al…
Minn. Stat. § 51A.131
Directors of Capital Stock Associations
The duties and qualifications required of directors of capital stock associations are governed by chapter 302A.
Minn. Stat. § 51A.14
Indemnity Bonds
All directors, officers, and employees of an association shall, before entering upon the performance of any of their duties, execute their individual bonds with adequate corporate surety payable to the association as an indemnity for any loss the association may sustain of money or other property by or through any frau…
Minn. Stat. § 51A.15
Transactions of Officers and Directors
Subdivision 1. Fiduciary relationships. Directors and officers occupy a fiduciary relationship to the association of which they are directors or officers, and no director or officer shall engage or participate, directly or indirectly, in any business or transaction conducted on behalf of or involving the association, w…
Minn. Stat. § 51A.16
Depositories
No association shall deposit any of its funds except with a depositary approved by a vote of a majority of the directors authorized of the association, any director who is an officer, partner, director, or trustee of the depository so designated taking no part in such vote.
Minn. Stat. § 51A.17
Indemnification of Officers, Directors and Employees
The indemnification of officers, directors, and employees of associations is governed by section 302A.521.
Minn. Stat. § 51A.19
Records
Subdivision 1. Records to be kept at home office. Every association shall keep at the home office correct and complete books of account and minutes of the proceedings of members, directors, stockholders, and the executive committee. Complete records of all business transacted at the home office shall be maintained at t…
Minn. Stat. § 51A.20
Reserve Accounts; Surplus and Undivided Profits
Subdivision 1. Mutual associations. Every association shall set up and maintain the reserves required by, and may set up and maintain additional reserves permitted by, sections 51A.01 to 51A.57. On or before the closing date of each accounting period, after payment of or provision for all expenses, each association sha…
Minn. Stat. § 51A.21
Powers of Association
Subdivision 1. Generally. Every association incorporated pursuant to or operating under the provisions of sections 51A.01 to 51A.57 shall have all the powers enumerated, authorized, and permitted by sections 51A.01 to 51A.57 and such other rights, privileges, and powers as may be incidental to or reasonably necessary o…
Minn. Stat. § 51A.22
Savings Liability
Subdivision 1. Operation of savings liability. The savings liability of an association shall consist only of the aggregate amount of savings accounts, plus earnings credited to the accounts, less redemption and withdrawal payments. Except as limited by the board of directors from time to time, additions may be made to…
Minn. Stat. § 51A.23
Savings Account
Subdivision 1. Ownership. Trust funds received by a real estate broker or the broker's salespersons in trust may be deposited in a savings association. Deposit accounts shall be represented only by the account of each deposit account holder on the books of the association, and the accounts or any interest therein shall…
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