2007 Minnesota Code
Chapters 300 - 319B Corporations
Chapter 316 Corporations; Actions Respecting
Section 316.13 FORFEITURE OF CHARTER; RECEIVER; SUIT BY CREDITOR.

316.13 FORFEITURE OF CHARTER; RECEIVER; SUIT BY CREDITOR.
Such injunction may be issued on the complaint of the attorney general in behalf of the
state, or of any creditor or stockholder of the corporation. When it issues against a bank for any
violation of its charter, on complaint of a creditor, the court shall proceed to final judgment, and, if
the proof be sufficient, adjudge a forfeiture, notwithstanding such creditor may settle with the
corporation and relinquish a claim against it. In such cases the attorney general or a creditor may
appear and prosecute the action, which shall not be discontinued if either of them so appears
and prosecutes the same. At any stage of the proceedings the court may appoint one or more
receivers to take charge of the property and effects of such corporation. If the injunction be upon
application of a creditor of a corporation whose directors or stockholders are liable by law for
the payment of such debts in any event or contingency, such directors or stockholders, or any
of them, may be made parties to the action, either at the time of filing the complaint or at any
subsequent time when it becomes necessary to enforce such liability.
History: (8021) RL s 3180; 1986 c 444