Minnesota § 301.81 - DEPOSIT OF FUNDS

Full text of Minnesota Minnesota Statutes § 301.81 — DEPOSIT OF FUNDS, with citation guidance and answers to common questions.

§ 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

Official Publication of the State of Minnesota
Revisor of Statutes

Source: official Minnesota text · Last verified 2026-08-27

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Frequently Asked Questions About Minnesota § 301.81

What does Minnesota Statutes § 301.81 cover?

Section 301.81 ("DEPOSIT OF FUNDS") is part of the Minnesota Statutes, the codified statutory law of Minnesota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Minnesota § 301.81?

A common citation format is "Minnesota Statutes § 301.81" (Minnesota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Minnesota law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Minnesota official source linked on this page or consult a licensed Minnesota attorney.

How does Minnesota § 301.81 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Minnesota can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

Not legal advice. Verify against the official source and consult a licensed attorney in Minnesota.