1999 Minnesota Statutes

     48.03 Stock list; stockholders' liability. 

    Subdivision 1.  The president and cashier of any bank of 
 discount and deposit shall at all times keep an accurate 
 verified list of all its stockholders, with the amount of stock 
 held by each, the dates of all transfers and names of 
 transferees, and shall annually file a copy of such list as it 
 appears on the date of the annual stockholders meeting with the 
 commissioner.  

    Subd. 2.  Except as provided in section 300.27, no 
 stockholder 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.  
 Except that the president and cashier of any bank of discount 
 and deposit not insured by the Federal Deposit Insurance 
 Corporation shall keep at all times an accurate list of all its 
 stockholders, with the amount of stock held by each, the dates 
 of all transfers and names of transferees, and on May first, 
 annually, file a copy thereof with the county recorder in the 
 county where said bank is located.  

    Subd. 3.  The stockholders in each bank of discount and 
 deposit whose deposits are not insured by the federal deposit 
 insurance corporation shall be individually liable in an amount 
 equal to the amount of stock owned by them for all the debts of 
 the bank and for all transactions prior to any transfer thereof. 

    Subd. 4. Repealed, 1992 c 587 art 1 s 31 

    Subd. 5. Repealed, 1992 c 587 art 1 s 31 

    HIST: (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