Minnesota Statutes 51A.16 – Depositories
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No association shall deposit any of its funds except with a depositary approved by a vote of a majority of the directors authorized of the association, any director who is an officer, partner, director, or trustee of the depository so designated taking no part in such vote.
Terms Used In Minnesota Statutes 51A.16
- Majority: means with respect to an individual the period of time after the individual reaches the age of 18. See Minnesota Statutes 645.451
- Trustee: A person or institution holding and administering property in trust.