Minn. Stat. § 304A.001
Citation
This chapter may be cited as the "Minnesota Public Benefit Corporation Act."
Minnesota Statutes Chapter 304A — Minnesota Public Benefit Corporation Act
Minnesota · statute · Minn. Stat. ch. 304A · 10 active provisions
Provisions
Minn. Stat. § 304A.011
Application and Effect of Chapter
Subdivision 1. General rule. This chapter applies to all public benefit corporations. Subd. 2. Laws applicable. Chapter 302A applies to all public benefit corporations and all statutes and rules of law that apply to a corporation formed under chapter 302A also apply to a public benefit corporation. If chapter 302A conf…
Minn. Stat. § 304A.021
Definitions
Subdivision 1. Terms. For the purposes of this chapter, unless the language or context clearly indicates that a different meaning is intended, the words, terms, and phrases defined in this section have the meanings given them. Subd. 2. General benefit corporation. "General benefit corporation" means a public benefit co…
Minn. Stat. § 304A.101
Incorporation of a Public Benefit Corporation
Subdivision 1. Incorporation. A public benefit corporation must be incorporated in accordance with chapter 302A, and its articles must also state that the public benefit corporation is a: (1) general benefit corporation; (2) general benefit corporation that also elects to pursue a specific public benefit purpose as sta…
Minn. Stat. § 304A.102
Election of Public Benefit Corporation Status
Subdivision 1. By amendment. In accordance with the procedures stated in chapter 302A and with approval by the minimum status vote, an existing corporation formed under chapter 302A may elect to become a public benefit corporation under this chapter by amending its articles to meet the requirements of section 304A.101.…
Minn. Stat. § 304A.103
Termination of Public Benefit Corporation Status
Subdivision 1. By amendment. In accordance with the procedures stated in chapter 302A and with approval by the minimum status vote, a public benefit corporation may terminate its status as a public benefit corporation and cease to be subject to this chapter by amending its articles to delete the requirements of section…
Minn. Stat. § 304A.104
Public Benefit Corporation Purposes
Subdivision 1. General benefit corporation purpose. A general benefit corporation has a purpose of pursuing general public benefit. A general benefit corporation may also state in its articles one or more specific public benefit purposes the general benefit corporation elects to pursue. Purposes under these subdivision…
Minn. Stat. § 304A.201
Standard of Conduct for Directors
Subdivision 1. Considerations for a general benefit corporation. In discharging the duties of the position of director of a general benefit corporation, a director: (1) shall consider the effects of any proposed, contemplated, or actual conduct on: (i) the general benefit corporation's ability to pursue general public…
Minn. Stat. § 304A.202
Right of Action
Subdivision 1. Standing and grounds for claims. (a) No person other than a shareholder may assert a claim under this chapter or chapter 302A against a public benefit corporation, its directors, or its officers on account of the public benefit corporation's director's or officer's failure to pursue or create general pub…
Minn. Stat. § 304A.301
Annual Benefit Report
Subdivision 1. Report required. Before each April 1, a public benefit corporation must deliver to the secretary of state for filing an annual benefit report covering the 12-month period ending on December 31 of the previous year and pay a fee of $35 to the secretary of state. The annual benefit report must state the na…