Title Minnesota Statutes, Minnesota Statutes

301.75 ADDITIONAL POWERS. § Subdivision 1.General powers. (a) A corporation formed under the provisions of this chapter may: (1) be known by its corporate name for the time stated in its certificate of incorporation; (2) sue and be sued in any court; (3) have, use, and alter a co…

301.76 CAPITAL STOCK. The capital stock of the corporation shall be 20,000 shares of no par value, which shall be issued for $50 per share in cash. At least 25 percent of the capital stock shall be paid into the treasury of the corporation in cash before the corporation may trans…

301.77 DIRECTORS. § Subdivision 1.Membership. All the corporate powers of the corporation shall be exercised by a board of not less than eight elected directors (but the number of elected directors shall always be an even number) who shall be residents of Minnesota and, except in…

301.78 NONSTOCKHOLDER MEMBERS. The nonstockholder members of the corporation shall consist of such national or state banks, savings banks, savings associations, trust companies, stock or mutual insurance companies and other financial institutions as may make application for membe…

301.79 EARNED SURPLUS. The corporation shall set apart as an earned surplus all of its net earnings in each and every year until such earned surplus shall equal the total of the paid-in capital. Said earned surplus shall be held in cash or invested in United States government bon…

301.80 LIMITATIONS ON OBLIGATIONS. At no time shall the total obligations of the corporation exceed ten times the amount of the paid-in capital and surplus, not including earned surplus. History: 1957 c 896 s 10

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 s…

301.82 SUPERVISION AND EXAMINATION. The corporation is subject to the supervision of and examination by the commissioner of commerce in the manner provided by section 46.04. The corporation shall pay the actual expenses of the examination as fixed by the commissioner. The corpora…

301.83 RIGHTS OF HOLDERS OF CAPITAL STOCK. The holders of capital stock as such shall have no preemptive or preferential right to purchase or subscribe for any part of the unissued capital stock of the corporation of any class or for any new issue of stock of any class, whether n…

301.84 OBLIGATIONS ARE LEGAL INVESTMENTS FOR MEMBERS. Notwithstanding any other statute, the notes or other interest-bearing obligations of any corporation organized under sections 301.71 to 301.84, issued in accordance with sections 301.71 to 301.84 and the articles of incorpora…