1999 Minnesota Statutes

     300.08 General powers. 

    Subdivision 1.    Enumerated powers.  (a) A corporation 
 formed under the provisions of this chapter may: 

    (1) be known by its corporate name for the time stated in 
 its certificate of incorporation; 

    (2) sue and be sued in any court; 

    (3) have, use, and alter a common seal; 

    (4) acquire, by purchase or otherwise, and hold, enjoy, 
 improve, lease, encumber, and convey all real and personal 
 property necessary for the purposes of its organization, subject 
 to the limitations hereafter declared; 

    (5) elect or appoint in any manner it determines all 
 necessary or proper officers, agents, boards, and committees, to 
 fix their compensation, and to define their powers and duties; 

    (6) make and amend consistently with law bylaws providing 
 for the management of its property and the regulation and 
 government of its affairs; and 

    (7) wind up and liquidate its business in the manner 
 provided by law. 

    (b) A corporation formed under this chapter shall indemnify 
 those persons identified in section 300.083 against certain 
 expenses and liabilities only as provided in section 300.083 and 
 may indemnify other persons. 

    Subd. 2.    Issuance of stock; kinds.  In addition to 
 the powers enumerated in subdivision 1, a corporation, except 
 the financial corporations referred to in this chapter, may 
 issue more than one class of stock.  

    Subd. 3.    May hold stock of other corporations.  A 
 corporation organized (1) for carrying on any kind of 
 manufacturing or mechanical business compatible with an honest 
 purpose; or (2) for the mining, smelting, reducing, refining, or 
 working of ores or minerals, for working coal mines or stone 
 quarries, or for buying, working, selling, or dealing in mineral 
 lands, may take, acquire, and hold stock in another corporation, 
 if a majority of the stockholders elects to do so.  

    HIST: (7447, 7452) RL s 2852,2853; 1984 c 628 art 5 s 1; 1987 
 c 104 s 1