2001 Minnesota Statutes

     53.015 Definitions. 

    Subdivision 1.    Applicability.  For the purposes of 
 this chapter, the terms defined in this section shall have the 
 meanings given them.  

    Subd. 2.    Surplus.  "Surplus" means the sum total of 
 all funds:  (1) received as consideration in excess of the par 
 value of preferred or common stock; and (2) transferred from 
 undivided profits as dedicated funds, by action of the board of 
 directors. 

    Subd. 3.    Undivided profits.  "Undivided profits" 
 means the net remaining funds resulting from the operation of 
 the corporation and shall include, but not be limited to 
 retained earnings, earned surplus, undivided profits and current 
 earnings. 

    Subd. 4.    Capital stock.  "Capital stock" means the 
 par value of preferred or common stock multiplied by the 
 respective number of shares of each type of stock.  For purposes 
 of section 53.05, clause (7), capital stock may include an 
 amount of mandatory convertible debentures approved by the 
 commissioner.  The terms and conditions for redemption of the 
 qualifying debentures must include the prior written approval of 
 the commissioner as a condition for a redemption, but in no 
 event an amount in excess of 50 percent of total preferred or 
 common stock. 

    Subd. 5. Repealed by amendment, 1989 c 166 s 17 

    Subd. 6. Repealed by amendment, 1989 c 166 s 17 

    HIST: 1971 c 442 s 1; 1989 c 166 s 17; 1995 c 202 art 2 s 21