Minnesota Statutes Banking (Ch. 46-59) § 50.212. Savings bank regulation

Subdivision 1. Commerce Department to control. The commissioner of commerce shall have charge of the execution of all laws relating to the savings banks chartered under the laws of Minnesota and relating to the business of those savings banks.

Subd. 2. Commissioner supervision. The commissioner shall supervise the books, records, and affairs of all savings banks doing business in the state as provided insection 46.04.

Subd. 3. Official communications referred to directors. Each official communication from the commissioner to a savings bank relating to any examination conducted by the commissioner or containing suggestions and recommendations as to the conduct of business of the savings bank, shall be submitted by the officer receiving it to the board of directors at the next meeting of the board and noted in the meeting minutes.