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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

Official Publication of the State of Minnesota
Revisor of Statutes