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HF 3010

as introduced - 87th Legislature (2011 - 2012) Posted on 04/23/2012 10:55am

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
providing for public ownership of the Minnesota Vikings.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text beginMINNESOTA VIKINGS, INC.
new text end

new text begin Subdivision 1. new text end

new text begin Establishment. new text end

new text begin (a) A nonprofit corporation to be operated
exclusively for the purposes of this act and as contemplated by section 501(c)(3) of the
United States Internal Revenue Code, is established and shall be known as Minnesota
Vikings, Inc.
new text end

new text begin (b) The corporation must be organized and operated exclusively for the benefit of,
and to carry out the purposes of, Minnesota Vikings, Inc. The corporation shall adopt
articles of incorporation and may solicit, receive, hold, invest, and contribute funds and
property for the use and benefit of the corporation in a manner consistent with the public
good and primarily for capital expenditures and other needs not funded by other means.
new text end

new text begin (c) Except as otherwise provided in this section, the corporation is governed by
Minnesota Statutes, chapter 317A.
new text end

new text begin Subd. 2. new text end

new text begin Executive committee. new text end

new text begin Minnesota Vikings, Inc. shall be governed by a
seven-member executive committee, which shall be elected by the board of directors, as
provided in subdivision 3. The executive committee consists of the following members: a
president, vice president, treasurer, secretary, and three members-at-large. Members of the
executive committee shall serve at the pleasure of the board of directors. The president
shall be the only officer of the executive committee to draw compensation, however, all
members of the executive committee may be reimbursed for reasonable expenditures.
The committee shall direct corporate management, approve major capital expenditures,
establish broad policy, and monitor management's performance in conducting the business
and affairs of the corporation. The president shall serve as the representative of the
corporation at NFL owner meetings and other league functions.
new text end

new text begin Subd. 3. new text end

new text begin Board of directors. new text end

new text begin A 45-member Minnesota Vikings Board of Directors
is established as the owner of record of the Minnesota Vikings Football Club. The board
shall meet annually, at a minimum, and must elect an executive committee, as provided in
subdivision 2. Members of the board shall be appointed by the governor with the advice
and consent of the senate. Members of the board serve without compensation. The board
of directors shall determine and adopt the rules of its proceedings. The membership term
for members appointed by the governor shall be one year. The removal of members, and
filling of vacancies for members, for members appointed by the governor, shall be as
provided in section 15.0575. Thereafter, the terms, removal, and filling of vacancies for
members shall be as provided by rules adopted by the board.
new text end

new text begin Subd. 4. new text end

new text begin Acquisition; stock sale. new text end

new text begin Minnesota Vikings, Inc. shall acquire the
Minnesota Vikings Football Club, from the current ownership, at a price to be agreed upon
between the two parties. To raise money for the purchase of the Minnesota Vikings,
Minnesota Vikings, Inc. shall offer at public sale, shares of stock, at a price and in a
quantity necessary to raise sufficient proceeds to finance the purchase. Shares of stock
issued by Minnesota Vikings, Inc. may not pay a dividend to owners of stock and may
not appreciate in value. The redemption price of shares of stock issued by Minnesota
Vikings, Inc. must be minimal. Stock ownership may not entitle the owner to season
ticket privileges. Shares of stock provide the owner the right to attend and vote at an
annual shareholders meeting. No single person may own more than five percent of the
stock offered by Minnesota Vikings, Inc.
new text end

new text begin Subd. 5. new text end

new text begin Shareholders meeting; election of board. new text end

new text begin At the first annual shareholders
meeting following the expiration of terms of members appointed by the governor, as
provided in subdivision 3, the shareholders shall elect a board of directors. Members of
the board of directors that were appointed by the governor are eligible to stand for election
by the shareholders for membership to the board.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This act is effective the day following final enactment.
new text end