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300.60 Criminal penalties.

Subdivision 1. Acts proscribed. The following acts are felonies:

(1) the diversion of corporate property to other objects than those specified in the recorded and published certificate, where injury to an individual results;

(2) the declaring of dividends when the profits are insufficient to pay them or when the funds remaining will not meet the corporate liabilities; or

(3) an intentional deception of the public or individuals in relation to its means or liabilities.

Subd. 2. Punishment. A person guilty of an act specified in subdivision 1 shall be punished by a fine of not more than $10,000 or by imprisonment for not more than three years, or by both.

HIST: (7489) RL s 2884; 1979 c 102 s 13; 1984 c 628 art 3 s 11; art 5 s 1

Official Publication of the State of Minnesota
Revisor of Statutes