At any time after a period of three years shall have elapsed, after the commissioner shall have taken possession of the business and property of a financial institution, a majority of the creditors in number and amount may petition the court for the appointment of a committee of three competent persons, residents of the county, named by them, the court may make such appointment, and any officer or member of the board of directors of the financial institution may be appointed as members of said committee, if residents of the county. All rights and duties of the commissioner shall then devolve upon the committee.
(7683) RL s 2999; 1933 c 310 s 1; 1945 c 128 s 10
Structure Minnesota Statutes
Chapter 49 — Liquidation, Consolidation, Merger
Section 49.013 — Insolvent Financial Institutions; Assignment Prohibited.
Section 49.02 — Assessments On Stock; Stock Unpaid Or Capital Impaired.
Section 49.04 — Involuntary Liquidation Of Financial Institutions.
Section 49.05 — Powers And Duties Of Commissioner On Liquidation.
Section 49.06 — Consolidation During Liquidation.
Section 49.07 — Reorganization During Liquidation.
Section 49.17 — Assessments Against Stockholders; Orders For.
Section 49.18 — Review Of Orders Of Commissioner.
Section 49.19 — Defenses By Stockholders.
Section 49.20 — Remedy Exclusive.
Section 49.215 — Voluntary Liquidations.
Section 49.24 — Procedure In Liquidation.
Section 49.30 — Committee To Complete Liquidation.
Section 49.31 — Committee To Furnish Bonds.
Section 49.32 — Discharge Of Commissioner As Statutory Liquidator.
Section 49.33 — Consolidation And Merger, When Authorized.
Section 49.34 — Consolidation Or Merger Of State Banks Or Trust Companies, Procedure.
Section 49.35 — Consolidation Or Merger Agreement.
Section 49.36 — Approval By Commissioner.
Section 49.37 — Stockholders To Approve; Certificate Of Consolidation Or Merger.
Section 49.38 — Corporate Existence Merged; Rights, Powers, Obligations.
Section 49.39 — Consolidation Or Merger Of Banks And Trust Companies.
Section 49.40 — Pending Actions Or Proceedings Not Affected.
Section 49.41 — Rights Of Dissenting Shareholders.
Section 49.411 — Interstate Bank Mergers Affecting Interstate Branching.
Section 49.43 — State Bank; Conversion, Merger, Consolidation; National Banking Association.
Section 49.44 — National Banking Association; Conversion, Merger, Consolidation; State Bank.