Any such bank shall make no loan or discount on the security of its own capital stock, nor be the purchaser or holder thereof, unless necessary to prevent loss upon a debt previously contracted in good faith, and all stock so acquired shall be disposed of, at public or private sale, within six months after it is so acquired.
Minn. Stat. § 48.23
BANK NOT TO LEND ON ITS OWN STOCK OR PURCHASE SAME.
Known as the Interstate Banking Act
The act spans §§ 48–48 (81 sections).
(7676) RL s 2992
Official source: Minnesota Office of the Revisor of Statutes. Reproduced from public-domain Minnesota statutes; confirm against the official source for the current text. Not legal advice.