![]() ![]() ![]() The forms must be mailed or delivered to the commissioner within ten days of the date of declaration of any dividend and at least 15 days prior to the proposed payment date of any dividend. The Department of Commerce will supply each bank with forms to be completed with information called for. The dividend period for the purpose of declaring dividends in accordance with Minnesota Statutes, section 48.09 shall be the period commencing on January 1 and ending as of the close of business December 31 of each calendar year and the net income for each such period shall be determined from the consolidated report of income of each bank. OTHER PERMISSIBLE ACTIVITIES, ELECTRONIC BENEFITS TRANSFER, CONSUMER CONVENIENCE SERVICES.Ģ675.2000 BANKS SELLING WITH REPURCHASE AGREEMENT.Īs to repurchase agreements accompanying sales of securities, it is permissible for the bank selling securities to another to agree that the bank shall have an option or right to repurchase the securities from the buyer at a price stated or at a price subject to determination under the terms of the agreement, but in no case in excess of the market value at the time of repurchase.Įxcept for securities which are the direct obligation of, or obligations that are fully guaranteed as to principal and interest by, the United States government or an agency thereof, it is not permissible for the bank selling securities to another to agree that the purchaser shall have the right or the option to require the bank to repurchase said securities at a price stated or at a price subject to determination under the terms of the agreement, notwithstanding the fact that the bank may also, under such agreement have the right or option to repurchase the securities from the buyer at a price stated or at a price subject to determination under the terms of the agreement. LICENSEES TO BE RESPONSIBLE FOR ACTS OF ASSIGNEES. MAXIMUM LOAN APPLIES TO MULTIPLE OFFICES. OTHER BUSINESS EXPENSE REIMBURSEMENT AGREEMENTS.įINANCIAL INSTITUTION INTERNAL CONTROL SYSTEM AND POLICIES RECORDS OF CHECKS, DRAFTS, AND OTHER LIABILITIES.ĭISCLOSURE OF CONTINGENT OR ACTUAL LIABILITIES. PURCHASE OF NONELIGIBLE SECURITIES PROHIBITED DISPOSITION EXCEPTIONS.įURNITURE AND FIXTURES, PERSONAL PROPERTY, AUTOMOBILES, AND EQUIPMENT.ĬERTIFICATE OF DEPOSIT OF OTHER FINANCIAL INSTITUTIONS. PURCHASE OF ISSUER OPTION SECURITIES PROHIBITED. PURCHASE OF ASSET AT A PREMIUM OR DISCOUNT.
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