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HF 3616

as introduced - 93rd Legislature (2023 - 2024) Posted on 03/11/2024 04:36pm

KEY: stricken = removed, old language.
underscored = added, new language.
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Bill Text Versions

Engrossments
Introduction Posted on 02/12/2024

Current Version - as introduced

Line numbers 1.1 1.2 1.3 1.4 1.5
1.6 1.7 1.8 1.9 1.10 1.11 1.12
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A bill for an act
 relating to cooperatives; requiring agricultural cooperatives to report certain
financial information to members; amending Minnesota Statutes 2022, section
308A.611, subdivision 3.

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

Section 1.

Minnesota Statutes 2022, section 308A.611, subdivision 3, is amended to read:


Subd. 3.

Business and fiscal reports.

The officers must submit reports to the members
at the regular members' meeting covering the business of the cooperative for the previous
fiscal year that show the condition of the cooperative at the close of the fiscal year.new text begin For an
agricultural cooperative, the reports must also show the financial condition of, including
the net creation or use of member equity within, each business division or unit of the
cooperative for the fiscal year.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective August 1, 2024, and applies to business
and fiscal reports submitted on or after that date.
 new text end