2005 Minnesota Statutes

     300.32 Record of stock; reports; dividends. 

    In all stock corporations the directors must cause accurate 
 and complete records to be kept of all corporate proceedings and 
 of all stock subscribed, transferred, canceled, or retired and 
 proper books, accounts, files, and records of all other business 
 transacted.  All books and records must, at all reasonable times 
 and for all proper purposes, be open to the inspection of a 
 stockholder.  Its directors must when required present to the 
 stockholders written reports of its condition and business and 
 declare the dividends of the profits of the business as they 
 consider advisable.  The director may not by declaring dividends 
 reduce the capital while there are outstanding liabilities.  

    HIST: (7470) RL s 2869; 1984 c 628 art 5 s 1