Minn. Stat. § 116O.01
Citation
Sections 116O.01 to 116O.061 may be cited as the "Enterprise Minnesota, Inc. Act."
Minnesota Statutes Chapter 116O — Enterprise Minnesota, Inc
Minnesota · statute · Minn. Stat. ch. 116O · 11 active provisions
Provisions
Minn. Stat. § 116O.011
Name Change
Minnesota Technology, Inc., formerly known as the Greater Minnesota Corporation, is renamed Enterprise Minnesota, Inc.
Minn. Stat. § 116O.02
Definitions
Subdivision 1. Applicability. The definitions in this section apply to sections 116O.01 to 116O.15. Subd. 1a. Account. "Account" means the Minnesota technology account. Subd. 2. Board. "Board" means the board of directors of Enterprise Minnesota, Inc. Subd. 3. Corporation. "Corporation" means Enterprise Minnesota, Inc.…
Minn. Stat. § 116O.03
Corporation; Board of Directors; Powers
Subdivision 1. Establishment. Enterprise Minnesota, Inc. is established as a public corporation of the state and is not subject to the laws governing a state agency except as provided in this chapter. The business of the corporation must be conducted under the name "Enterprise Minnesota, Inc." Subd. 1a. Purpose. The pu…
Minn. Stat. § 116O.04
Corporate Personnel
Subdivision 1. Generally. The board shall appoint and set the compensation for a president, who serves as chief executive officer of the corporation, and who may appoint subordinate officers. The board may designate the president as its general agent. Subject to the control of the board, the president shall employ empl…
Minn. Stat. § 116O.05
Powers of Corporation
Subdivision 1. General corporate powers. (a) The corporation has the powers granted to a business corporation by section 302A.161, subdivisions 3; 4; 5; 7; 8; 9; 11; 12; 13, except that the corporation may not act as a general partner in any partnership; 14; 15; 16; 17; 18; and 22. (b) The state is not liable for the o…
Minn. Stat. § 116O.061
Financial Assistance
(a) Financial assistance may be provided to sole proprietorships, corporations, other entities, or nonprofit organizations. Financial assistance includes, but is not limited to, assisting a qualified company or organization with business services and products that will enhance the operations of the entity. (b) Preferen…
Minn. Stat. § 116O.115
Made in Minnesota Program
Subdivision 1. Establishment; purpose. The Made in Minnesota program is established. The purpose of the program is to (1) help qualified companies implement technology and business improvements; and (2) bridge the gap between standard market pricing for technology and business improvements and what qualified companies…
Minn. Stat. § 116O.14
Audits
The corporation board shall contract with a certified public accounting firm to do a financial and compliance audit of the corporation and any subsidiary annually in accordance with generally accepted accounting standards. A copy of this audit must be submitted to the chairs of the senate Finance and Economic Developme…
Minn. Stat. § 116O.15
Annual Report
The board shall submit a report to the chairs of the senate Economic Development and Housing and the house of representatives Economic Development Committees of the legislature and the governor on the activities of the corporation by February 1 of each year. A copy of the report shall also be provided to the president…
Minn. Stat. § 116O.20
Dissolution
In the event of dissolution of Enterprise Minnesota, Inc. for any reason, the state of Minnesota, upon action by the governor, and after consultation with the Legislative Advisory Commission, may require the liquidation of all holdings and investments and the return of the proceeds of that liquidation and any wholly ow…