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SF 1776

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
Rtf

Current Version - as introduced

  1.1                          A bill for an act
  1.2             relating to commerce; regulating the net earnings of 
  1.3             corporations; prohibiting private inurement; proposing 
  1.4             coding for new law in Minnesota Statutes, chapter 317A.
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [317A.114] [PRIVATE INUREMENT PROHIBITED.] 
  1.7      No part of a corporation's net earnings may inure to the 
  1.8   benefit of any private shareholder or individual.  Inurement is 
  1.9   given the same definition as that found in section 501(c)(3) of 
  1.10  the Internal Revenue Code of 1986.  This prohibition applies to 
  1.11  a corporation whether or not the corporation is an exempt 
  1.12  corporation pursuant to section 501(c)(3) of the Internal 
  1.13  Revenue Code of 1986.