Subdivision 1. Authority. Upon complying with the terms of this section, a trust company organized under section 47.12 has all the powers and privileges of a state bank not otherwise granted to trust companies and is subject to and must comply with all the laws of this state applicable to state banks.
Subd. 2. Application. In considering the application of a trust company to assume the powers of a state bank, the department shall proceed in the same manner and be governed by the same laws that are applicable to applications for charters for new state banks.
Subd. 3. Certificates to be amended. In order to exercise the powers granted under this subdivision, the trust company shall amend its certificate of incorporation to include the additional powers of a state banking corporation. This amendment may include the change of the corporate name of the trust company. The trust company shall display in its place of business the certificate of the authorization issued by the commissioner of commerce.
Amendments to the certificate of incorporation must be made under section 47.171. Before becoming effective, these amendments must be approved by the department and the approval must be endorsed upon the certificate of amendment.
Subd. 4. Trust companies to comply with certain laws. No trust company of this state shall conduct a banking business, as defined in section 47.02, exercising deposit taking powers, without complying with the reserve requirements of section 48.221.
1998 c 331 s 17; 2005 c 69 art 3 s 3,4
Structure Minnesota Statutes
Section 48A.01 — Organization Of A State Trust Company.
Section 48A.02 — Application For State Trust Company Charter.
Section 48A.03 — Capital And Surplus Requirements Of Trust Companies.
Section 48A.04 — Certain Trust Companies May Assume Powers Of State Banks.
Section 48A.05 — National Associations; Powers.
Section 48A.06 — Prohibited Dealings And Indebtedness.
Section 48A.07 — Trust Company Or Bank; Special Powers And Duties As Fiduciary.
Section 48A.08 — Incidental Investments, Powers, And Limitations.
Section 48A.10 — Substitution; Procedure.
Section 48A.11 — National Banks As Fiduciaries.
Section 48A.13 — State Trust Company Principal Office.
Section 48A.14 — State Trust Institutions; Representative Trust Offices.
Section 48A.15 — State Banks And Trust Companies; Trust Service Offices.
Section 48A.16 — Detached Facilities.
Section 48A.17 — Authority For Out-of-state Trust Offices; Prior Written Notice.
Section 48A.18 — Out-of-state Trust Institution Trust Offices.
Section 48A.19 — Out-of-state Trust Institution Representative Trust Offices.
Section 48A.20 — Supervision Of Out-of-state Trust Institutions.