1999 Minnesota Statutes

     308A.031 Promotion expense not to be incurred. 

    (a) Except as provided in paragraph (b), a cooperative may 
 not spend money, issue or pledge capital stock of the 
 cooperative, or incur indebtedness for payment of promotion of 
 the cooperative or for the payment of commissions, salaries, or 
 expenses of any kind in connection with the promotion of the 
 cooperative. 

    (b) An amount not more than ten percent of the par value of 
 the capital stock sold may be used by officers or committees 
 elected by the stockholders or for hiring responsible solicitors 
 to sell or solicit the sale of stock.  

    HIST: 1989 c 144 art 1 s 5