Chapter 301 — Development Corporations

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has been repealed or is reserved for future use. 301.67 This section has been repealed or is reserved for future use. 301.71 Development Corporations Allows three or more Minnesota residents to form a development corporation by filing a certificate with specific … 301.72 Purposes A development corporation exists to help grow business in Minnesota by providing loans and credit to deserving … 301.73 Certificate The development corporation's certificate must be filed with the Secretary of State with commerce commissioner approval, … 301.74 Publication of Certificate The incorporation certificate must be published in a local newspaper for two days (daily) or two weeks (weekly). The … 301.75 Additional Powers Lists the powers of a development corporation, including suing, owning property, lending money, guaranteeing loans, and … 301.76 Capital Stock A development corporation has 20,000 shares of no-par stock issued at $50 each. At least 25% of the capital must be paid … 301.77 Directors A development corporation must have at least eight directors who are Minnesota residents. The commissioner of employment … 301.78 Nonstockholder Members Banks, insurance companies, and other financial institutions can join a development corporation as nonstockholder … 301.79 Earned Surplus The corporation must save all net earnings until its earned surplus equals its paid-in capital. This surplus must be … 301.80 Limitations on Obligations A development corporation's total debts cannot be more than ten times its paid-in capital and surplus (not counting … 301.81 Deposit of Funds The corporation can only deposit money in banks approved by a majority of directors. It cannot take deposits or make … 301.82 Supervision and Examination The commissioner of commerce oversees and examines development corporations. The corporation must pay for the … 301.83 Rights of Holders of Capital Stock Stockholders in a development corporation have no automatic right to buy new shares or bonds before they are offered to … 301.84 Obligations Are Legal Investments for Members Notes and other interest-bearing obligations of a development corporation are legal investments for banks and financial … 308.341 This section has been repealed or is reserved for future use.