The corporation shall set apart as an earned surplus all of its net earnings in each and every year until such earned surplus shall equal the total of the paid-in capital. Said earned surplus shall be held in cash or invested in United States government bonds, and shall be kept and used to meet losses and contingencies of the corporation. Whenever the amount of the earned surplus becomes impaired, it shall be restored to the required amount in the manner provided for its original accumulation.
1957 c 896 s 9
Structure Minnesota Statutes
Chapters 300 - 323A — Business, Social, And Charitable Organizations
Chapter 301 — Development Corporations
Section 301.71 — Development Corporations.
Section 301.74 — Publication Of Certificate.
Section 301.75 — Additional Powers.
Section 301.76 — Capital Stock.
Section 301.78 — Nonstockholder Members.
Section 301.79 — Earned Surplus.
Section 301.80 — Limitations On Obligations.
Section 301.81 — Deposit Of Funds.
Section 301.82 — Supervision And Examination.
Section 301.83 — Rights Of Holders Of Capital Stock.
Section 301.84 — Obligations Are Legal Investments For Members.