Minnesota Statutes 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.
Terms Used In Minnesota Statutes 53.015
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Terms Used In Minnesota Statutes 53.015
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
“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[Repealed by amendment, 1989 c 166 s 17]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[Repealed by amendment, 1989 c 166 s 17]