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Chapter 50
Section 50.04
Topics
Recent History
- 1995 50.04 Amended 1995 c 171 s 35
This is an historical version of this statute chapter. Also view the most recent published version.
50.04 BONDS OF TRUSTEES OR DIRECTORS.
Every director, before entering upon any duties, shall give bond to the state in a penal sum
of not less than $5,000, with sureties approved by the commissioner of commerce, conditioned
for the faithful discharge of those duties, and file the same with the commissioner of commerce.
An action may be maintained on this bond by any person aggrieved by breach of any of its
conditions, upon leave granted by any judge of the district court, for such damages as the plaintiff
may be entitled to, not exceeding its amount; and like successive actions may be maintained until
such amount is exhausted.
History: (7703) RL s 3012; 1976 c 181 s 2; 1983 c 289 s 114 subd 1; 1984 c 655 art 1
s 92; 1986 c 444; 1995 c 171 s 35
Every director, before entering upon any duties, shall give bond to the state in a penal sum
of not less than $5,000, with sureties approved by the commissioner of commerce, conditioned
for the faithful discharge of those duties, and file the same with the commissioner of commerce.
An action may be maintained on this bond by any person aggrieved by breach of any of its
conditions, upon leave granted by any judge of the district court, for such damages as the plaintiff
may be entitled to, not exceeding its amount; and like successive actions may be maintained until
such amount is exhausted.
History: (7703) RL s 3012; 1976 c 181 s 2; 1983 c 289 s 114 subd 1; 1984 c 655 art 1
s 92; 1986 c 444; 1995 c 171 s 35
Official Publication of the State of Minnesota
Revisor of Statutes