If any such bank or trust company shall violate the provisions of Minnesota Statutes 1945, section 48.27 , as amended, the commissioner of commerce may take possession thereof and liquidate such corporation in accordance with law, unless said bank or trust company shall within 90 days after notice from the commissioner of commerce reduce its deposits to the amount allowed by law or increase its capital stock accordingly.
Minn. Stat. § 48.28
LIQUIDATION UNLESS DEPOSITS ARE REDUCED.
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)
(7699-13) 1927 c 325 s 2; 1943 c 342 s 1; 1945 c 73 s 2; 1947 c 11 s 2; 1949 c 24 s 2; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92
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.