2007 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
316.23 SURPLUS TO BE DIVIDED AMONG STOCKHOLDERS.
When, after the payment of all expenses of such assignment or receivership and all
indebtedness of and claims allowed against such corporation, any surplus money or property
remains in the hands of the assignee or receiver, the same shall be equitably distributed, under the
direction of the court, among the stockholders who have paid their assessments. Any stockholder
who has paid assessments, in addition to any remedy herein provided, shall be entitled to enforce
contribution from any stockholder who has not paid such assessments, and, for that purpose, shall
be subrogated to the rights of the creditors or assignee or receiver of such corporation against
every such delinquent stockholder, in such manner and to such extent as may be just and equitable.
History: (8031) RL s 3190; 1986 c 444
When, after the payment of all expenses of such assignment or receivership and all
indebtedness of and claims allowed against such corporation, any surplus money or property
remains in the hands of the assignee or receiver, the same shall be equitably distributed, under the
direction of the court, among the stockholders who have paid their assessments. Any stockholder
who has paid assessments, in addition to any remedy herein provided, shall be entitled to enforce
contribution from any stockholder who has not paid such assessments, and, for that purpose, shall
be subrogated to the rights of the creditors or assignee or receiver of such corporation against
every such delinquent stockholder, in such manner and to such extent as may be just and equitable.
History: (8031) RL s 3190; 1986 c 444
Official Publication of the State of Minnesota
Revisor of Statutes