2000 Minnesota Statutes

     176A.04 General powers. 

    For the purpose of exercising the specific powers granted 
 in this chapter and effectuating the other purposes of this 
 chapter, the fund:  

    (a) may sue and be sued; 

    (b) may have a seal and alter it at will; 

    (c) may make, amend, and repeal rules relating to the 
 conduct of the business of the fund; 

    (d) may enter into contracts relating to the administration 
 of the fund; 

    (e) may rent, lease, buy, pledge, mortgage, or sell 
 property in its own name and may construct or repair buildings 
 necessary to provide space for its operations; 

    (f) may declare a dividend when there is an excess of 
 assets over liabilities and minimum surplus requirements as 
 consistent with chapter 60A; 

    (g) may pay medical expenses, rehabilitation expenses, 
 compensation due claimants of insured employers, pay salaries, 
 and pay administrative and other expenses; 

    (h) may hire personnel and set salaries and compensation; 

    (i) may issue guaranty fund certificates, surplus notes or 
 debentures payable out of surplus, borrow money, and agree to 
 pay any rate of return with respect to any guaranty fund 
 certificate, surplus note, debenture, or other instrument, 
 calculated in any manner, and upon such other terms as the board 
 of directors approve; and 

    (j) may perform all other functions and exercise all other 
 powers of a domestic mutual insurance company. 

    HIST: 1983 c 287 art 2 s 4; 1987 c 72 s 4; 1988 c 427 s 1