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Section 308A.125 — Stock And Nonstock Organization.

MN Stat § 308A.125 (2019) (N/A)
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Subdivision 1. Stock and nonstock cooperatives have same authority. Cooperatives organized on a capital stock basis may be organized and have the same powers and authority as cooperatives organized without capital stock on a membership basis.

Subd. 2. Capital stock organization. A cooperative is organized on a capital stock basis if holding shares of common stock entitles the holder of the stock to vote.

Subd. 3. Nonstock organization. (a) The articles of a nonstock cooperative must contain the provisions required in the articles of a cooperative organized on a capital stock basis if the provisions are applicable to a cooperative organized upon a membership basis.

(b) Except for cooperatives constituted partially or entirely of other cooperatives, a member of a cooperative organized on a membership basis may not have more than one vote, and a membership is transferable only with the consent and approval of the board.

History: 1989 c 144 art 1 s 9

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Section 308A.121 — Cooperative Name.
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Section 308A.131 — Articles Of Incorporation.