In This Issue:
- Minnesota Public Benefit Corporation Legislation
- Effective Date
- Types of Public Benefit Corporations
- Establishment of a Public Benefit Corporation
- Standard of Conduct
- Right of Action
- Annual Report
- Excerpt from Minnesota Public Benefit Corporation Legislation:
The legislation is inscribed as new Minnesota Chapter 304A, which provides an overlay to the Minnesota Business Corporation Act in Chapter 302A (the “MBCA”). The MBCA applies to all public benefit corporations, unless a specific provision of the Minnesota Public Benefit Corporation Act conflicts with the MBCA, in which case the Minnesota Public Benefit Corporation Act governs. No provision of a public benefit corporation’s articles, bylaws, or shareholder control agreement can supersede any provision of the Minnesota Public Benefit Corporations Act.
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