1997 Minnesota Statutes

     50.04 Bonds of trustees or directors. 

    Every director, before entering upon any duties, shall give 
 bond to the state in a penal sum of not less than $5,000, with 
 sureties approved by the commissioner of commerce, conditioned 
 for the faithful discharge of those duties, and file the same 
 with the commissioner of commerce.  An action may be maintained 
 on this bond by any person aggrieved by breach of any of its 
 conditions, upon leave granted by any judge of the district 
 court, for such damages as the plaintiff may be entitled to, not 
 exceeding its amount; and like successive actions may be 
 maintained until such amount is exhausted. 

    HIST: (7703) RL s 3012; 1976 c 181 s 2; 1983 c 289 s 114 subd 
 1; 1984 c 655 art 1 s 92; 1986 c 444; 1995 c 171 s 35