Minnesota Legislature
Office of the Revisor of Statutes
2007 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
66A.33 TEMPORARY CAPITAL STOCK OF MUTUAL LIFE COMPANIES.
A new mutual life insurance company which has complied with the provisions of section
66A.32 or an existing mutual life insurance company may establish, a temporary capital of,
such amount not less than $100,000, as may be approved by the commissioner. Such temporary
capital shall be invested by the company in the same manner as is provided for the investment of
its other funds. Out of the net surplus of the company the holders of the temporary capital stock
may receive a dividend which may be cumulative. This capital stock shall not be a liability of the
company but shall be retired within a reasonable time and according to terms approved by the
commissioner. At the time for the retirement of this capital stock, the holders shall be entitled
to receive from the company the par value thereof and any dividends thereon due and unpaid,
and thereupon the stock shall be surrendered and canceled. In the event of the liquidation of the
company, the holders of temporary capital stock shall have the same preference in the assets
of the company as shareholders have in a stock insurance company. Dividends on this stock
are subject to section 60D.20, subdivision 2.
Temporary capital stock may be issued with or without voting rights. If issued with voting
rights, the holders shall, at all meetings, be entitled to one vote for each $10 of temporary capital
stock held.
History: 1967 c 395 art 1 s 7; 1969 c 7 s 7-13; 1969 c 598 s 1; 1969 c 708 s 63; 1973 c
634 s 2-4; 1976 c 213 s 1-4; 1978 c 465 s 1,2; 1978 c 674 s 60; 1980 c 516 s 2; 1983 c 216 art
1 s 15; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1986 c 313 s 2; 1986 c 444; 1991 c
325 art 10 s 4; art 14 s 1; 1992 c 564 art 1 s 15,16,54; 1995 c 214 s 3; 1996 c 446 art 2 s 1,2;
2005 c 69 art 2 s 1-6, 18
A new mutual life insurance company which has complied with the provisions of section
66A.32 or an existing mutual life insurance company may establish, a temporary capital of,
such amount not less than $100,000, as may be approved by the commissioner. Such temporary
capital shall be invested by the company in the same manner as is provided for the investment of
its other funds. Out of the net surplus of the company the holders of the temporary capital stock
may receive a dividend which may be cumulative. This capital stock shall not be a liability of the
company but shall be retired within a reasonable time and according to terms approved by the
commissioner. At the time for the retirement of this capital stock, the holders shall be entitled
to receive from the company the par value thereof and any dividends thereon due and unpaid,
and thereupon the stock shall be surrendered and canceled. In the event of the liquidation of the
company, the holders of temporary capital stock shall have the same preference in the assets
of the company as shareholders have in a stock insurance company. Dividends on this stock
are subject to section 60D.20, subdivision 2.
Temporary capital stock may be issued with or without voting rights. If issued with voting
rights, the holders shall, at all meetings, be entitled to one vote for each $10 of temporary capital
stock held.
History: 1967 c 395 art 1 s 7; 1969 c 7 s 7-13; 1969 c 598 s 1; 1969 c 708 s 63; 1973 c
634 s 2-4; 1976 c 213 s 1-4; 1978 c 465 s 1,2; 1978 c 674 s 60; 1980 c 516 s 2; 1983 c 216 art
1 s 15; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1986 c 313 s 2; 1986 c 444; 1991 c
325 art 10 s 4; art 14 s 1; 1992 c 564 art 1 s 15,16,54; 1995 c 214 s 3; 1996 c 446 art 2 s 1,2;
2005 c 69 art 2 s 1-6, 18
Official Publication of the State of Minnesota
Revisor of Statutes