Minnesota § 301.81 DEPOSIT OF FUNDS

Minnesota Statutes

§ 301.81 — DEPOSIT OF FUNDS

Minnesota § 301.81

PartBUSINESS, SOCIAL, AND CHARITABLE ORGANIZATIONS

Ch. 301DEVELOPMENT CORPORATIONS

This text of Minnesota § 301.81 (DEPOSIT OF FUNDS) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 301.81 (2026).

Text

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.

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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.