2007 Minnesota Statutes

53.02 CAPITAL.
No corporation shall be organized under this chapter or qualified to do business thereunder
with a capital represented by shares of common stock of less than $25,000 in cities with less than
50,000 people; $50,000 in cities with more than 50,000 people and less than 100,000 people; and
$75,000 in cities with 100,000 people, or more, according to the last official census; each share of
that common stock to have a par value of not less than $1 per share. No corporation shall begin
doing business under this chapter unless the required capital is fully paid, and unless a surplus
of no less than ten percent of that required capital shall have also been fully paid and set up.
After the required capital of a corporation organized or doing business under this chapter shall
have been fully paid and a surplus of not less than ten percent thereof also fully paid and set up,
additional capital stock in that corporation may be sold at not less than par, provided, however,
that there is always maintained a surplus of at least ten percent of the capital of the corporation
represented by shares of common stock.
History: (7774-26) 1933 c 246 s 2; 1943 c 67 s 2; 1947 c 20 s 1; 1971 c 442 s 2; 1989
c 166 s 18