2002 Minnesota Code
Chapters 300 - 319B Corporations
Chapter 300 General Provisions
Section 300.37 Value of capital stock fixed by directors.
300.37 Value of capital stock fixed by directors.
For the purpose of a rule of law or statutory provision relating to the amount of capital stock issued and represented by shares of stock without par value, except as otherwise provided in this section, the amount is the amount of money or the actual value of the consideration, as fixed by the directors or otherwise in accordance with law, for which the shares of stock have been issued. When stock having a par value has been issued with stock without par value for a specified consideration, in determining the amount of the capital stock issued and represented by shares of stock without par value, the par value of the stock having a par value must first be deducted from the amount of the money or actual value of the consideration determined. The excess, if any, is the amount of capital stock represented by the shares of stock without par value so issued.
HIST: (7470-5) 1925 c 333 s 5; 1984 c 628 art 5 s 1
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