2004 Minnesota Statutes

     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