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1500.1001 PARENT COMPANY.

Subpart 1.

Voting power.

A corporation, partnership, or association that directly, or indirectly through related entities, owns more than 50 percent of the voting power of the shares entitled to vote for directors of a subsidiary corporation is liable to a seller of agricultural commodities for any unpaid claim or contract performance claim of that subsidiary corporation.

Subp. 2.

Management or control.

A corporation, partnership, or association that directly, or indirectly through related entities, provides more than 50 percent of the management or control of a subsidiary is liable to the seller of an agricultural commodity for any unpaid claim or contract performance claim of the subsidiary.

Statutory Authority:

MS s 27.14

History:

16 SR 2441

Published Electronically:

February 5, 2007