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     48.66 National banks may act as fiduciaries.  


    Any national bank in this state granted a special permit by 
 the federal reserve board to act in a fiduciary capacity under 
 the provisions of subsection K of section 11 of the federal 
 reserve act, as amended by the act of September 26, 1918, may 
 assign, transfer to, and deposit with the commissioner, and 
 procure a certificate therefor, the kinds and amounts of 
 authorized securities required of a trust company in a city 
 wherein the national bank is located, by section 48.67; 
 provided, that such national bank which has a capital of 
 $500,000 or over shall not be required to deposit these 
 securities for more than ten percent of this capital.  The 
 securities so deposited shall be held and maintained as a 
 guaranty fund for the national bank for the performance of its 
 duties in such fiduciary capacity.  


    When such national bank has complied with section 48.67, no 
 oath or security shall be required of it in the acceptance and 
 performance of any such trust, as provided in section 48.79.  


    HIST: (7727) 1921 c 490 s 1; 1973 c 123 art 5 s 7; 1986 c 444

Official Publication of the State of Minnesota
Revisor of Statutes