No financial institution shall make an assignment by reason of existing or probable insolvency. Its governing board or managing officers, if satisfied that it is, or is about to become, insolvent, shall immediately report that fact to the commissioner.
Minn. Stat. § 49.013
INSOLVENT FINANCIAL INSTITUTIONS; ASSIGNMENT PROHIBITED.
(7682) RL s 2998; 1945 c 128 s 1 subd 7
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.