Minnesota Public Benefit Corporation Act

In This Issue:

- Introduction

- Minnesota Public Benefit Corporation Legislation

- Effective Date

- Types of Public Benefit Corporations

- Establishment of a Public Benefit Corporation

- Name

- 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.

Please see full Publication below for more information.

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Topics:  Choice of Entity, Public Benefit Corporation

Published In: Business Organization Updates, General Business Updates, Nonprofits Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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