No bank or trust company organized under the laws of this state shall accept deposits in a sum exceeding 30 times the amount of its capital stock and its actual surplus.
Minn. Stat. § 48.27
LIMITATION ON AMOUNT OF DEPOSITS.
Known as the Interstate Banking Act
The act spans §§ 48–48 (81 sections).
Applied in 1 court decision — leading case Commonwealth Capital Corp. v. Federal Deposit Insurance Corp. (1987)
Most recently applied in Commonwealth Capital Corp. v. Federal Deposit Insurance Corp. (February 1987)
(7699-12) 1927 c 325 s 1; 1943 c 342 s 2; 1945 c 73 s 1; 1947 c 11 s 1; 1949 c 24 s 1; 1959 c 88 s 11
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.