2004 Minnesota Statutes

     300.37 Value of capital stock fixed by directors. 

    For the purpose of a rule of law or statutory provision 
 relating to the amount of capital stock issued and represented 
 by shares of stock without par value, except as otherwise 
 provided in this section, the amount is the amount of money or 
 the actual value of the consideration, as fixed by the directors 
 or otherwise in accordance with law, for which the shares of 
 stock have been issued.  When stock having a par value has been 
 issued with stock without par value for a specified 
 consideration, in determining the amount of the capital stock 
 issued and represented by shares of stock without par value, the 
 par value of the stock having a par value must first be deducted 
 from the amount of the money or actual value of the 
 consideration determined.  The excess, if any, is the amount of 
 capital stock represented by the shares of stock without par 
 value so issued.  

    HIST: (7470-5) 1925 c 333 s 5; 1984 c 628 art 5 s 1