Title Minnesota Statutes, Minnesota Statutes

316.05 SEQUESTRATION; RECEIVER; DISTRIBUTION. Upon complaint of a person obtaining judgment against a corporation, or the person's representatives, made after the return unsatisfied of an execution issued thereon, the court may sequestrate the stock, property, things in action, a…

316.06 FORFEITURE OF RIGHTS; DISSOLUTION. When any railway company doing business in this state shall charge, demand, or receive unreasonable rates for the transportation of freight or passengers, or when any corporation remains insolvent, neglects or refuses to discharge its not…

316.07 DISSOLUTION ON PETITION OF CORPORATION. A majority in number or interest of the members of a corporation, desiring to close their concerns and dissolve the corporation, may present a petition to the district court in the county of its principal place of business, setting f…

316.08 HEARING; NOTICE. Upon the presentation of such petition, the court shall fix a time and place for hearing thereon, and order three weeks' published notice thereof to be given, and such other notice to parties interested as it may deem proper. At the time and place so fixed…

316.09 CERTIFIED COPY OF ORDER FILED. A certified copy of the order or judgment of dissolution shall be filed for record with the secretary of state and thereafter recorded with the county recorder of the county of the principal place of business of the corporation, and the disso…

316.10 STATE INTERESTED, PROCEEDINGS. Whenever, in any action or proceeding to dissolve a corporation, it shall appear at any stage of the proceedings that the state is, or is likely to be, interested therein, or that it is a matter of general public interest, the court shall ord…

316.11 RECEIVER, APPOINTMENT, DUTIES. In any action or proceeding to dissolve a corporation, the court, at any time before judgment, or within three years after judgment, of dissolution, may appoint a receiver to take charge of its estate and effects and to collect the debts and …

316.12 INSOLVENT BANKS AND INSURANCE COMPANIES. When any insurance company or any corporation having banking powers, or the power to make loans on pledges or deposits, becomes insolvent or unable to pay its debts, or neglects or refuses to pay its notes or evidences of debt on de…

316.13 FORFEITURE OF CHARTER; RECEIVER; SUIT BY CREDITOR. Such injunction may be issued on the complaint of the attorney general in behalf of the state, or of any creditor or stockholder of the corporation. When it issues against a bank for any violation of its charter, on compla…

316.14 UNPAID STOCK SUBSCRIPTION. When the property of any corporation is insufficient to pay its debts, upon application of a creditor the court shall order the payment by each stockholder of the amount, if any, unpaid on the shares held, or such portion thereof as may be necess…

316.15 ORDER LIMITING TIME TO PRESENT CLAIMS; EXTENSION. The court, upon adjudication of dissolution, shall therein limit the time in which creditors may present claims against the corporation, which shall not be less than six months, nor more than one year, from its date, and fi…

316.16 NOTICE OF HEARING. Three weeks' published notice of such order of hearing shall be given, which shall require all creditors to present their claims, duly verified, within the time limited, or be precluded from participation in any distribution of corporate property thereaf…

316.17 ENFORCEMENT OF STOCKHOLDERS' LIABILITY; HEARING; NOTICE OF. When it shall be made to appear by the petition of a receiver or assignee of a corporation, or of any creditor thereof whose claim has been filed, that any constitutional, statutory, or other liability of stockhol…

316.18 HEARING; EVIDENCE; ORDER FOR ASSESSMENT. Upon such hearing, after proof of due service of notice, the court shall receive and consider such evidence, by affidavit or otherwise, as may be presented by the receiver, or by any creditor, officer, or stockholder, appearing in p…

316.19 ENFORCEMENT OF STOCKHOLDERS' LIABILITY; HEARING; ORDER. Such order shall authorize and direct the assignee or receiver to collect the amount so assessed, and, on failure of any one liable to such assessment to pay the same within the time prescribed, to prosecute an action…

316.20 ACTION FOR ASSESSMENTS. Upon expiration of the time specified in the order for the payment of assessments, the assignee or receiver shall commence action against every party so assessed and failing to pay, wherever the nonpayer or any property subject to process in such ac…

316.21 ADDITIONAL ASSESSMENTS, HOW LEVIED; JOINDER OF CAUSES. When, at any time after an assessment for an amount less than the maximum stockholder's liability has been levied, it shall appear, by petition or otherwise, and after hearing, as hereinbefore provided, that by reason …

316.22 PROCEEDINGS ON FAILURE OF ASSIGNEE OR RECEIVER TO PROSECUTE. If the assignee or receiver shall neglect to begin an action against any stockholder who has failed to pay an assessment, and is not excepted from the present operation of such order, or to diligently prosecute t…

316.23 SURPLUS TO BE DIVIDED AMONG STOCKHOLDERS. When, after the payment of all expenses of such assignment or receivership and all indebtedness of and claims allowed against such corporation, any surplus money or property remains in the hands of the assignee or receiver, the sam…

316.24 SCOPE; CHAPTER NOT APPLICABLE. Sections 316.01 to 316.23 do not apply to a corporation incorporated under or governed by chapter 302A. History: 1981 c 270 s 131