Minnesota § 47.55 - EXISTING BANKING FACILITIES OR BRANCHES OF SAVINGS ASSOCIATIONS
Full text of Minnesota Minnesota Statutes § 47.55 — EXISTING BANKING FACILITIES OR BRANCHES OF SAVINGS ASSOCIATIONS, with citation guidance and answers to common questions.
§ 47.55. EXISTING BANKING FACILITIES OR BRANCHES OF SAVINGS ASSOCIATIONS
Subdivision 1.Banking facilities in operation prior to May 1, 1971.
A bank may retain and operate one detached facility as it may have had in operation prior to May 1, 1971 without requirement of approval hereunder.
Subd. 2.Facilities of banks or branches of savings associations in operation prior to acquisition.
The purchase of assets and assumption of liabilities of an existing detached facility of another bank or branch of a savings association or savings bank must follow the notice and approval procedures in section 47.54 to establish and maintain a new detached facility of the acquiring bank at that location but need not obtain the consent of other banks as required by section 47.52.
History:
1971 c 855 s 5; 1977 c 378 s 5; 1992 c 587 art 1 s 13; 1993 c 257 s 11; 1995 c 202 art 1 s 25; 1997 c 157 s 10
Official Publication of the State of Minnesota
Revisor of Statutes
Source: official Minnesota text · Last verified 2026-08-27
Frequently Asked Questions About Minnesota § 47.55
What does Minnesota Statutes § 47.55 cover?
Section 47.55 ("EXISTING BANKING FACILITIES OR BRANCHES OF SAVINGS ASSOCIATIONS") 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 § 47.55?
A common citation format is "Minnesota Statutes § 47.55" (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 § 47.55 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.