Minnesota Session Laws - 1989, Regular Session

  

                         Laws of Minnesota 1989 

                        CHAPTER 133-H.F.No. 774 
           An act relating to agriculture; changing voting rights 
          in certain cooperative associations; amending 
          Minnesota Statutes 1988, section 308.07, subdivision 4.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Minnesota Statutes 1988, section 308.07, 
subdivision 4, is amended to read: 
    Subd. 4.  In cooperative associations wholly or partially 
constituted of other cooperative associations organized under 
sections 308.05 to 308.18 or under the laws of this or any other 
state, each affiliated member cooperative shall have an 
additional vote for a certain stipulated volume of business done 
by it with its central organization or, a certain stipulated 
number of members in such associations, or a certain stipulated 
amount of equity allocated to or held by the association in the 
central association, or any combination of these methods of 
allocating an additional vote to be determined in either or both 
any of these cases by the articles and bylaws of the central 
association. 
     Sec. 2.  If S.F. No. 848 is enacted in the 1989 legislative 
session, Minnesota Statutes, section 308.07, subdivision 4, as 
amended by section 1 of this act, is repealed and S.F. No. 848, 
article 1, section 35, is amended to read:  
    Sec. 35.  [308A.641] [VOTE OF COOPERATIVE CONSTITUTED OF 
OTHER COOPERATIVES.] 
    A cooperative that is constituted entirely or partially of 
other cooperatives or associations may authorize by the articles 
or the bylaws for affiliated cooperative members to have an 
additional vote for:  
    (1) a stipulated amount of business transacted between the 
member cooperative and the cooperative central organization or; 
    (2) a stipulated number of members in the member 
cooperative; 
    (3) a certain stipulated amount of equity allocated to or 
held by the member cooperative in the cooperative's central 
organization; or 
    (4) a combination of methods in clauses (1) to (3).  
[308.07 s. 4] 
    Presented to the governor May 12, 1989 
    Signed by the governor May 15, 1989, 5:45 p.m.