Notwithstanding sections 48.03 and 49.24 , any shareholder of a state bank whose deposits are not insured by the Federal Deposit Insurance Corporation, shall be personally liable for the debts of said bank to the extent of the par value of the shares held by the shareholder.
Minn. Stat. § 48.033
STATE BANKS, LIABILITY OF SHAREHOLDERS.
Known as the Interstate Banking Act
The act spans §§ 48–48 (81 sections).
1955 c 335 s 1; 2005 c 69 art 3 s 1
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.