MinnesotaLawyer.com

Chapter 304A — Minnesota Public Benefit Corporation Act

Minnesota Statutes Chapter 304A — Minnesota Public Benefit Corporation Act

304A.001 Citation This section establishes the official short title for the law governing public benefit corporations in Minnesota. The … 304A.011 Application and Effect of Chapter This section clarifies how public benefit corporation law relates to the general Minnesota business corporation law in … 304A.021 Definitions This section defines key terms used in the Minnesota Public Benefit Corporation Act. A 'general benefit corporation' … 304A.101 Incorporation of a Public Benefit Corporation A public benefit corporation must be formed under Minnesota's general business corporation law in chapter 302A, with its … 304A.102 Election of Public Benefit Corporation Status An existing Minnesota corporation can convert to public benefit corporation status by amending its articles with … 304A.103 Termination of Public Benefit Corporation Status A public benefit corporation can end its benefit corporation status by amending its articles to remove the public … 304A.104 Public Benefit Corporation Purposes A general benefit corporation's primary purpose is to create positive impact on society and the environment. A specific … 304A.201 Standard of Conduct for Directors Directors of a general benefit corporation must consider how their decisions affect the company's ability to pursue … 304A.202 Right of Action Only shareholders of a public benefit corporation may sue the company, its directors, or officers for failure to pursue … 304A.301 Annual Benefit Report Every public benefit corporation must file an annual benefit report with the Secretary of State by April 1 each year …