Minnesota § 48.07 - OFFICERS; APPOINTMENT, REMOVAL
Full text of Minnesota Minnesota Statutes § 48.07 — OFFICERS; APPOINTMENT, REMOVAL, with citation guidance and answers to common questions.
§ 48.07. OFFICERS; APPOINTMENT, REMOVAL
The board of directors of a bank or trust company organized under the laws of this state shall have full power and authority at any time to appoint and remove any officer or employee.
Every bank or trust company organized under the laws of this state, except when otherwise specially provided, must have a president, secretary, and treasurer, and may have one or more vice-presidents and other officers, as its certificate of incorporation or bylaws may provide. Their respective duties must be prescribed in the certificate of incorporation or in the bylaws. Only one president of record may act on behalf of the bank or trust company; however, additional officers may be titled president for purposes of empowering those additional officers to function as managing officers of detached facilities of banks.
History:
(7699-4) 1927 c 259 s 1; 2005 c 69 art 1 s 12
Official Publication of the State of Minnesota
Revisor of Statutes
Frequently Asked Questions About Minnesota § 48.07
What does Minnesota Statutes § 48.07 cover?
Section 48.07 ("OFFICERS; APPOINTMENT, REMOVAL") 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 § 48.07?
A common citation format is "Minnesota Statutes § 48.07" (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 § 48.07 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.