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Minnesota Legislature

Office of the Revisor of Statutes

48.03 SHARES.
    Subdivision 1. Shareholder list. The president and cashier of any bank of discount and
deposit shall at all times keep an accurate verified list of all its shareholders, with the amount of
shares held by each, the dates of all transfers and names of transferees.
    Subd. 2. Shareholder liability. Except as provided in section 302A.425, no shareholder 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.
    Subd. 3.[Repealed, 2001 c 56 s 12]
    Subd. 3a. Effect of transfer; share books. The transfer of shares is not binding upon the
company until it is regularly entered on the books of the company to show the names of the
persons by and to whom transferred, the number or other designation of the shares, and the
date of the transfer. The books of the company must be kept to show intelligibly the original
shareholders, their respective interests, the amount which has been paid in on their shares, and
all transfers of the shares.
    Subd. 4.[Repealed, 1992 c 587 art 1 s 31]
    Subd. 4a. Record of shares. The directors must cause accurate and complete records to be
kept of all corporate proceedings and of all shares subscribed, transferred, canceled, or retired and
proper books, accounts, files, and records of all other business transacted.
    Subd. 5.[Repealed, 1992 c 587 art 1 s 31]
History: (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; 2001 c 56 s 3,4; 2005 c 69 art 1 s 8