Minnesota § 53.015 - DEFINITIONS
Full text of Minnesota Minnesota Statutes § 53.015 — DEFINITIONS, with citation guidance and answers to common questions.
§ 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[Repealed by amendment, 1989 c 166 s 17]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[Repealed by amendment, 1989 c 166 s 17]
History:
1971 c 442 s 1; 1989 c 166 s 17; 1995 c 202 art 2 s 21
Official Publication of the State of Minnesota
Revisor of Statutes
Frequently Asked Questions About Minnesota § 53.015
What does Minnesota Statutes § 53.015 cover?
Section 53.015 ("DEFINITIONS") 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 § 53.015?
A common citation format is "Minnesota Statutes § 53.015" (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 § 53.015 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.