Minnesota Session Laws - 1984, Regular Session

  

                         Laws of Minnesota 1984 

                        CHAPTER 423-S.F.No. 1351
           An act relating to commerce; providing an alternative 
          distribution of assets following voluntary dissolution 
          of a cooperative association; amending Minnesota 
          Statutes 1982, section 308.14, by adding a subdivision.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Minnesota Statutes 1982, section 308.14, is 
amended by adding a subdivision to read: 
    Subd. 3b.  Notwithstanding subdivision 3 and the resolution 
for dissolution, if any property remaining after discharging the 
debts and liabilities of the corporation is unable to be 
distributed for any reason, after a period of five years has 
elapsed following the resolution for dissolution, the 
undistributed property may be distributed by the trustee or 
trustees to any corporation or organization which is exempt from 
taxation pursuant to section 290.05, subdivision 1, or to any 
unit of state or local government.  
    Approved April 22, 1984