Minnesota Statutes Banking (Ch. 46-59) § 48.46. Authorized securities purchased

No state bank hereafter organized with authority to exercise fiduciary powers pursuant to the provisions ofsections 48A.07and48A.08, the corporate name of which contains the words “trust” or “trust company,” shall transact any banking or trust company business until it shall have invested in and assigned, transferred to, and deposited with the commissioner the authorized securities described in and required bysection 48.37, relating to the authorization of existing state banks to exercise such fiduciary powers, and until the commissioner of commerce has issued the certificate provided bysection 47.16, and a certificate stating that such bank is qualified to exercise the fiduciary powers set forth insections 48A.07and48A.08.