Every flying club must appoint a club safety and operations officer and set forth the officer's duties in their operating rules or bylaws.
Every flying club shall keep records of the club's operation. These records must be up to date, be in an orderly form, and contain the following information:
if the flying club is a corporation, then the articles of incorporation and all amendments to it, the current bylaws, the minutes of the corporation, and all shareholder agreements; or, if the flying club is a partnership, then the current articles of partnership and all current partnership agreements;
the rights of each member to the assets of the club, stated by percentage or dollars, in case of dissolution of the club if a corporation, and in case of termination of the club, if a partnership;
a statement of financial condition of the flying club at the end of its preceding fiscal year, or at the end of its preceding calendar year, as the case may be, showing the assets and liabilities of the club; and
an operating statement of the club for the preceding fiscal year, or the preceding calendar year, as the case may be, showing the profits or losses, or a statement of receipts and disbursements, of the club, as the case may be, for that period of time.
17 SR 1279; 30 SR 215
October 2, 2007
Official Publication of the State of Minnesota
Revisor of Statutes