Chapter 316 — Mode of Prosecution

316.01 Mode of Prosecution Foreign corporations (companies formed in other states) can sue and be sued in Minnesota courts the same way as … 316.02 Mandatory and Restraining Orders The attorney general can ask a district court to stop a corporation from doing things it is not allowed to do under its … 316.03 Power of Court Over Corporation Officers A district court has broad power over corporate officers. It can make them account for company money, pay back misused … 316.04 Appeal, Effect If a court removes a corporate officer or trustee and the removed person appeals, the removal still takes effect right … 316.05 Sequestration; Receiver; Distribution When someone wins a judgment against a corporation but cannot collect, the court can seize the corporation's property … 316.06 Forfeiture of Rights; Dissolution A corporation can lose all its rights and be dissolved if it charges unreasonable rates, becomes insolvent, refuses to … 316.07 Dissolution on Petition of Corporation A majority of a corporation's members can ask a district court to dissolve the corporation by filing a petition. The … 316.08 Hearing; Notice When a dissolution petition is filed, the court sets a hearing date and requires at least three weeks of published … 316.09 Certified Copy of Order Filed A certified copy of the dissolution order must be filed with the secretary of state and recorded with the county … 316.10 State Interested, Proceedings If the state has an interest in a corporation dissolution case, or if it is a matter of public concern, the court must … 316.11 Receiver, Appointment, Duties The court can appoint a receiver to manage a dissolving corporation's property and collect its debts. The receiver has … 316.12 Insolvent Banks and Insurance Companies When a bank or insurance company becomes unable to pay its debts, refuses to pay on demand, or breaks the law, the court … 316.13 Forfeiture of Charter; Receiver; Suit by Creditor An injunction against a corporation can be requested by the attorney general, any creditor, or any stockholder. If a … 316.14 Unpaid Stock Subscription If a corporation does not have enough property to pay its debts, the court can order stockholders to pay any amount … 316.15 Order Limiting Time to Present Claims; Extension When a corporation is dissolved, the court sets a deadline for creditors to file their claims, which must be between 6 … 316.16 Notice of Hearing Notice of the claims hearing must be published for three weeks. The notice must tell all creditors to file their … 316.17 Enforcement of Stockholders' Liability; Hearing; Notice of When a receiver or creditor shows that stockholders or directors have personal liability for corporate debts, the court … 316.18 Hearing; Evidence; Order for Assessment At the assessment hearing, the court considers the corporation's debts, receivership costs, available assets, and each … 316.19 Enforcement of Stockholders' Liability; Hearing; Order The court's assessment order tells the receiver to collect from stockholders who were properly notified. If a … 316.20 Action for Assessments After the payment deadline passes, the receiver must sue every stockholder who did not pay their assessment, unless the … 316.21 Additional Assessments, How Levied; Joinder of Causes If the first assessment on stockholders is not enough to pay all debts, the court can order additional assessments as … 316.22 Proceedings on Failure of Assignee or Receiver to Prosecute If the receiver fails to sue a stockholder who has not paid their assessment, any stockholder who has paid in full or … 316.23 Surplus to Be Divided Among Stockholders After all receivership expenses and debts are paid, any remaining money or property is divided fairly among stockholders … 316.24 Scope; Chapter Not Applicable This entire chapter (sections 316.01 through 316.23) does not apply to corporations formed under or governed by Chapter …