Minnesota Session Laws - 1985, Regular Session

  

                         Laws of Minnesota 1985 

                         CHAPTER 46-S.F.No. 46 
           An act relating to commerce; changing a cross 
          reference relating to undistributed property after 
          dissolution of a cooperative; amending Minnesota 
          Statutes 1984, section 308.14, subdivision 3b.  
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Minnesota Statutes 1984, section 308.14, 
subdivision 3b, is amended 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 2, or to any 
unit of state or local government. 
    Sec. 2.  [EFFECTIVE DATE.] 
    Notwithstanding section 645.21, section 1 is effective 
August 1, 1984. 
    Approved April 29, 1985