Minnesota § 48.03 - SHARES
Full text of Minnesota Minnesota Statutes § 48.03 — SHARES, with citation guidance and answers to common questions.
§ 48.03. SHARES
Subdivision 1.Shareholder list.
The president and cashier of any bank of discount and deposit shall at all times keep an accurate verified list of all its shareholders, with the amount of shares held by each, the dates of all transfers and names of transferees.
Subd. 2.Shareholder liability.
Except as provided in section 302A.425, no shareholder in any bank of discount and deposit or in any banking or trust corporation or association shall be personally liable for debts of such bank, corporation or association.
Subd. 3.
[Repealed, 2001 c 56 s 12]
Subd. 3a.Effect of transfer; share books.
The transfer of shares is not binding upon the company until it is regularly entered on the books of the company to show the names of the persons by and to whom transferred, the number or other designation of the shares, and the date of the transfer. The books of the company must be kept to show intelligibly the original shareholders, their respective interests, the amount which has been paid in on their shares, and all transfers of the shares.
Subd. 4.
[Repealed, 1992 c 587 art 1 s 31]
Subd. 4a.Record of shares.
The directors must cause accurate and complete records to be kept of all corporate proceedings and of all shares subscribed, transferred, canceled, or retired and proper books, accounts, files, and records of all other business transacted.
Subd. 5.
[Repealed, 1992 c 587 art 1 s 31]
History:
(7669) RL s 2985; 1907 c 137 s 1; 1955 c 14 s 1,2; 1957 c 601 s 5; 1965 c 171 s 6; 1967 c 102 s 4; 1976 c 181 s 2; 1984 c 576 s 8; 2001 c 56 s 3,4; 2005 c 69 art 1 s 8
Official Publication of the State of Minnesota
Revisor of Statutes
Frequently Asked Questions About Minnesota § 48.03
What does Minnesota Statutes § 48.03 cover?
Section 48.03 ("SHARES") is part of the Minnesota Statutes, the codified statutory law of Minnesota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Minnesota § 48.03?
A common citation format is "Minnesota Statutes § 48.03" (Minnesota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Minnesota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Minnesota official source linked on this page or consult a licensed Minnesota attorney.
How does Minnesota § 48.03 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Minnesota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Minnesota.