Minnesota Legislature
Office of the Revisor of Statutes
2007 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
54.295 DECLARATION OF CREDIT.
When the amount of any additional or other credit, which under the terms of an outstanding
face amount certificate issued by a company described in section 54.26, is payable solely in the
discretion of the board of directors of the issuer, is computed on a basis which is reduced because
of any loan outstanding from the issuer to the certificate holder during the period for which the
credit is declared, the reduction in the amount of the credit paid to the certificate holder shall
not constitute interest paid by the borrowing certificate holder or be considered in any way for
the purposes of any law pertaining to the declaration or distribution of corporate dividends or
prescribing or limiting interest rates upon loans.
History: 1975 c 166 s 4
When the amount of any additional or other credit, which under the terms of an outstanding
face amount certificate issued by a company described in section 54.26, is payable solely in the
discretion of the board of directors of the issuer, is computed on a basis which is reduced because
of any loan outstanding from the issuer to the certificate holder during the period for which the
credit is declared, the reduction in the amount of the credit paid to the certificate holder shall
not constitute interest paid by the borrowing certificate holder or be considered in any way for
the purposes of any law pertaining to the declaration or distribution of corporate dividends or
prescribing or limiting interest rates upon loans.
History: 1975 c 166 s 4
Official Publication of the State of Minnesota
Revisor of Statutes