Minnesota Session Laws - 1991, Regular Session

  

                         Laws of Minnesota 1991 

                        CHAPTER 252-H.F.No. 1109 
           An act relating to economic development; creating 
          Advantage Minnesota, Inc.; requiring a report to the 
          legislature; proposing coding for new law in Minnesota 
          Statutes, chapter 116J.  
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
     Section 1.  [116J.693] [ADVANTAGE MINNESOTA, INC.] 
    Subdivision 1.  [ESTABLISHMENT; PURPOSE.] Advantage 
Minnesota, Inc. is established as a nonprofit public corporation 
under chapter 317A and is subject to the provisions of that 
chapter.  The corporation is not a state agency.  The purpose of 
the corporation is to market the economic development potential 
of the state in order to enhance the state's economic growth.  
Advantage Minnesota, Inc. objectives are to encourage businesses 
to remain in the state and promote in-state expansion of current 
and new Minnesota employers and businesses.  
    Subd. 2.  [BOARD OF DIRECTORS.] Advantage Minnesota, Inc. 
shall be governed by a board of directors consisting of members 
of organizations that have been certified by the commissioner 
under section 2, clause 1, including Minnesota business and 
industry and labor organizations; the governor or a designee; 
the commissioner; and serving as nonvoting members representing 
the legislature the majority and minority leaders of the senate 
and the speaker of the house of representatives and the minority 
leader or their designees.  Meetings of the board are subject to 
section 471.705. 
    Subd. 3.  [EXECUTIVE COMMITTEE; EMPLOYEES.] (a) The board 
of directors, by resolution adopted by the affirmative vote of a 
majority of the directors, shall create an executive committee 
of ten members of the board including the commissioner, the 
vice-chair of the board of directors, and two members of the 
legislature.  The executive director of the corporation shall be 
appointed by the board.  The executive committee shall oversee 
the daily operations of the corporation.  
    (b) The executive committee is subject to section 471.705 
except when security, trade secret, potential client lists, 
pending proposals, negotiations, employee matters, or labor 
relations information are discussed.  
    (c) The employees of the corporation are not state 
employees. 
    Subd. 4.  [BYLAWS.] Bylaws of Advantage Minnesota, Inc. 
shall provide, at a minimum, for staggered terms of not less 
than four years for directors, for the removal of directors, and 
for vacancies on the board. 
    Subd. 5.  [OTHER COMMITTEES.] The board of directors may, 
by resolution, create one or more committees, each consisting of 
five directors designated by the board of directors.  The 
duties, responsibilities, and limitations of each committee 
shall be outlined in the resolution creating such committees. 
    Subd. 6.  [ARTICLES OF INCORPORATION.] The articles of 
incorporation of Advantage Minnesota, Inc. must be filed with 
the secretary of state under chapter 317A and must be consistent 
with this section.  
    Subd. 7.  [AUDIT.] Advantage Minnesota, Inc. shall contract 
with a certified public accounting firm to perform a financial 
and compliance audit of the corporation in accordance with 
generally accepted accounting standards. 
    Subd. 8.  [REPORT.] The commissioner shall submit an annual 
report on the activities of Advantage Minnesota, Inc. by January 
15 of each year to the appropriations, finance, and economic 
development committees of the legislature and to the governor.  
The report must include a description of the corporation's 
activities for the past year, a list of all contracts entered 
into by the corporation, and a financial report of revenues and 
expenditures of the corporation. 
    Presented to the governor May 28, 1991 
    Signed by the governor May 31, 1991, 4:50 p.m.