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48.03 Stock list; stockholders' liability.

Subdivision 1. The president and cashier of any bank of discount and deposit shall at all times keep an accurate verified list of all its stockholders, with the amount of stock held by each, the dates of all transfers and names of transferees, and shall annually file a copy of such list as it appears on the date of the annual stockholders meeting with the commissioner.

Subd. 2. Except as provided in section 300.27, no stockholder in any bank of discount and deposit or in any banking or trust corporation or association shall be personally liable for debts of such bank, corporation or association. Except that the president and cashier of any bank of discount and deposit not insured by the Federal Deposit Insurance Corporation shall keep at all times an accurate list of all its stockholders, with the amount of stock held by each, the dates of all transfers and names of transferees, and on May first, annually, file a copy thereof with the county recorder in the county where said bank is located.

Subd. 3. The stockholders in each bank of discount and deposit whose deposits are not insured by the federal deposit insurance corporation shall be individually liable in an amount equal to the amount of stock owned by them for all the debts of the bank and for all transactions prior to any transfer thereof.

Subd. 4. Repealed, 1992 c 587 art 1 s 31

Subd. 5. Repealed, 1992 c 587 art 1 s 31

HIST: (7669) RL s 2985; 1907 c 137 s 1; 1955 c 14 s 1,2; 1957 c 601 s 5; 1965 c 171 s 6; 1967 c 102 s 4; 1976 c 181 s 2; 1984 c 576 s 8

Official Publication of the State of Minnesota
Revisor of Statutes