Minnesota Legislature
Office of the Revisor of Statutes
2006 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
301.81 DEPOSIT OF FUNDS.
The corporation shall not deposit any of its funds in any banking institution unless such
institution has been designated as a depository by a vote of a majority of the directors, exclusive
of any director who is an officer or director of the depository so designated. The corporation shall
not receive money on deposit. No loans shall be made directly or indirectly to any officer of the
corporation or to any firm of which such officer is a member, or officer.
History: 1957 c 896 s 11
The corporation shall not deposit any of its funds in any banking institution unless such
institution has been designated as a depository by a vote of a majority of the directors, exclusive
of any director who is an officer or director of the depository so designated. The corporation shall
not receive money on deposit. No loans shall be made directly or indirectly to any officer of the
corporation or to any firm of which such officer is a member, or officer.
History: 1957 c 896 s 11
Official Publication of the State of Minnesota
Revisor of Statutes