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 consolidate with another association or federal association within its primary lending area; provided, that the plan of the reorganization, merger, or consolidation shall be approved at an annual meeting or at any special meeting of the members or stockholders called to consider the action by a vote of more than 50 percent of the total number of votes of the members cast in person or by proxy. In all cases the corporate continuity of the resulting corporation shall possess the same incidents as that of an association which has converted in accordance with sections 51A.01 to 51A.57. No association, directly or indirectly, shall convert or reorganize, or merge, consolidate, assume liability to pay savings accounts or other liabilities of, transfer assets in consideration of the assumption of liabilities for any portion of the savings accounts, deposits made in, or other liabilities of the association to, or acquire the assets of or assume liability to pay any liabilities of, any financial institution or any other organization, person, or entity, except as specifically authorized by the commissioner. Any association aggrieved by any action or nonaction of the commissioner under this section may appeal therefrom and the proceedings shall be conducted pursuant to the provisions of the Administrative Procedure Act relating to judicial review of agency decisions, sections 14.63 to 14.69, and the scope of judicial review in the proceedings shall be as provided therein.
1969 c 490 s 7; 1981 c 276 s 10; 1982 c 424 s 130; 1987 c 384 art 2 s 1; 1988 c 666 s 15; 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.