HF 406

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to the state agricultural society; 
  1.3             authorizing establishment of a nonprofit corporation; 
  1.4             proposing coding for new law in Minnesota Statutes, 
  1.5             chapter 37. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [37.27] [FAIR FOUNDATION.] 
  1.8      The state agricultural society may establish a nonprofit 
  1.9   corporation to be operated exclusively for charitable purposes 
  1.10  as contemplated by sections 170(c)(2) and 501(c)(3) of the 
  1.11  United States Internal Revenue Code.  Subject to those sections, 
  1.12  the corporation must be organized and operated exclusively for 
  1.13  the benefit and to carry out the purposes of the state 
  1.14  agricultural society for so long as the state agricultural 
  1.15  society is and remains an organization as described in section 
  1.16  509(a)(1) or 509(a)(2) of the Internal Revenue Code.  The 
  1.17  corporation shall solicit, receive, hold, invest, and contribute 
  1.18  funds and property for the use and benefit of the state 
  1.19  agricultural society in a manner consistent with the public good 
  1.20  and primarily for capital expenditures and other needs not 
  1.21  funded by other means.  The corporation may be known as the 
  1.22  Minnesota state fair foundation.