2007 Minnesota Statutes

316.18 HEARING; EVIDENCE; ORDER FOR ASSESSMENT.
Upon such hearing, after proof of due service of notice, the court shall receive and consider
such evidence, by affidavit or otherwise, as may be presented by the receiver, or by any creditor,
officer, or stockholder, appearing in person or by attorney, but such evidence shall be the best
available under the circumstances of each case, upon the following points:
(1) the nature and probable extent of the indebtedness of the corporation;
(2) the probable expense of the receivership;
(3) the probable amount of available assets; and
(4) the parties liable as stockholders, the nature and extent of the liability of each, and their
probable solvency or responsibility.
If it appears that the available assets, or such amount as may be realized therefrom within a
reasonable time, will be insufficient to pay such expenses and indebtedness in full and without
delay, the court shall order a ratable assessment upon all parties liable as stockholders, or upon
account of any stock of such corporation, for such amount, proportion, or percentage of such
liability upon or on account of each share of such stock as it shall deem proper, considering the
probable solvency and responsibility of the stockholders and the probable expense of collecting
such assessment, and shall direct payment of the amount so assessed against each share of such
stock to the assignee or receiver, within the time specified in such order. No assessment shall be
made against any stockholder for any liability of any corporation incurred outside of the scope
of the powers of such corporation, or of the officers thereof incurring the same, unless such
stockholder shall have been found by the court to have consented thereto.
History: (8026) RL s 3185; 1925 c 272 s 1