A subscriber for shares or a shareholder of a corporation is under no obligation to the corporation or its creditors with respect to the shares subscribed for or owned, except to pay to the corporation the full consideration for which the shares are issued or to be issued.
Minn. Stat. § 302A.425
LIABILITY OF SUBSCRIBERS AND SHAREHOLDERS WITH RESPECT TO SHARES.
Known as the Minnesota Business Corporation Act
The act spans §§ 302–302 (139 sections).
Applied in 2 court decisions — leading case McGraw v. Commissioner (2004)
Most recently applied in Northland Temporaries, Inc. v. Turpin (February 2008)
1981 c 270 s 63
Official source: Minnesota Office of the Revisor of Statutes. Reproduced from public-domain Minnesota statutes; confirm against the official source for the current text. Not legal advice.