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 association. Any association in existence at the time of the adoption of sections 51A.01 to 51A.57 may continue to operate under its existing name.
Subd. 2. Exclusiveness of name. No person, firm, company, association, fiduciary, partnership, or corporation, either domestic or foreign, unless lawfully authorized to do business in this state under the provisions of sections 51A.01 to 51A.57 and actually engaged in carrying on a savings association business shall do business under any name or title which contains the terms "savings association," "savings and loan association," "building and loan association," "building association," or any combination employing either or both of the words "building" or "loan" with one or more of the words "saving," "savings," or words of similar import, or any combination employing one or more of the words "saving," "savings," or words of similar import with one or more of the words "association," "institution," "society," "company," "fund," "corporation," or words of similar import, or use any name or sign or circulate or use any letterhead, billhead, circular or paper whatever, or advertise or represent in any manner which indicates or reasonably implies that the business is the character or kind of business carried on or transacted by an association of which is likely to lead any person to believe that the business is that of an association. Upon application by the commissioner or any association, a court of competent jurisdiction may issue an injunction to restrain any such entity from violating or continuing to violate any of the foregoing provisions of this subdivision. Any person who violates any provision of this subdivision shall be guilty of a gross misdemeanor. The prohibitions of this subdivision shall not apply to any corporation or association formed for the purpose of promoting the interests of thrift institutions, the membership of which is comprised of thrift institutions, their officers, or other representatives.
Subd. 3. [Repealed, 1988 c 666 s 75]
Subd. 3a. Offices. The association shall obtain approval from the commissioner pursuant to rules prior to opening a branch office. The association shall not change the location of any branch office without prior written approval of the commissioner. The association may, however, operate other business facilities not constituting branch offices as defined in section 51A.02, subdivision 8, including automated teller machines and loan production offices upon providing notice under this subdivision.
Subd. 4. [Repealed, 1988 c 666 s 75]
Subd. 5. [Repealed, 1988 c 666 s 75]
1969 c 490 s 5; 1986 c 444; 1988 c 666 s 7,8; 1996 c 414 art 1 s 44; 1997 c 157 s 67; 1998 c 260 s 1
Structure Minnesota Statutes
Chapter 51A — Savings Associations
Section 51A.03 — Incorporation.
Section 51A.04 — Organization Of Mutual Associations.
Section 51A.041 — Organization Of Capital Stock Associations.
Section 51A.05 — Name; Office.
Section 51A.065 — Mutual And Capital Stock Conversions.
Section 51A.07 — Power To Reorganize, Merge, Or Consolidate.
Section 51A.09 — Meetings Of Members Of Mutual Associations.
Section 51A.10 — Membership Charges Prohibited.
Section 51A.11 — Access To Books And Records; Communication With Members Or Stockholders.
Section 51A.12 — Financial Statement; Mutual Associations.
Section 51A.13 — Directors Of Mutual Associations.
Section 51A.131 — Directors Of Capital Stock Associations.
Section 51A.14 — Indemnity Bonds.
Section 51A.15 — Transactions Of Officers And Directors.
Section 51A.16 — Depositories.
Section 51A.17 — Indemnification Of Officers, Directors And Employees.
Section 51A.20 — Reserve Accounts; Surplus And Undivided Profits.
Section 51A.21 — Powers Of Association.
Section 51A.22 — Savings Liability.
Section 51A.23 — Savings Account.
Section 51A.24 — Contracts For School Savings Programs.
Section 51A.251 — Married Persons And Minors.
Section 51A.261 — Deposits In Name Of Minor.
Section 51A.262 — Multiparty Accounts.
Section 51A.27 — Pledge To Association Of Savings Accounts In Joint Tenancy.
Section 51A.29 — Accounts Of Incompetents.
Section 51A.30 — Accounts Of Deceased Nonresidents.
Section 51A.31 — Savings Accounts As Legal Investments.
Section 51A.35 — Investment In Securities.
Section 51A.37 — Investment In Loans.
Section 51A.386 — Terms And Conditions Of Loans, Contracts, And Extensions Of Credit.
Section 51A.40 — Dealing With Successors In Interest.
Section 51A.41 — Right To Act To Avoid Loss.
Section 51A.42 — Savings Associations.
Section 51A.43 — Supervisory Power Of Commissioner.
Section 51A.44 — Reports And Examinations.
Section 51A.45 — Enforcement And Conservatorship.
Section 51A.46 — Receivership.
Section 51A.47 — Correction Of Wrongdoings By Unimpaired Institution.
Section 51A.48 — Right To Declaratory Judgment.
Section 51A.50 — Federal Associations.
Section 51A.53 — Powers Of Federal Associations; Approval.
Section 51A.54 — Insolvent Associations Liquidated.
Section 51A.56 — Act Controlling.