2005 Minnesota Statutes

     424B.06 Transfers. 

    Subdivision 1.    Generally.  On the effective date of 
 consolidation, the records, assets, and liabilities of the prior 
 volunteer firefighters relief associations are transferred to 
 the consolidated volunteer firefighters relief association.  On 
 the effective date of consolidation, the prior volunteer 
 firefighters relief associations cease to exist as legal 
 entities, except for the purposes of winding up association 
 affairs as provided by this chapter. 

    Subd. 2.    Transfer of administration.  On the 
 effective date of consolidation, the administration of the prior 
 relief associations is transferred to the board of trustees of 
 the subsequent volunteer firefighters relief association. 

    Subd. 3.    Transfer of records.  On the effective date 
 of consolidation, the secretary and the treasurer of the prior 
 volunteer firefighters relief associations shall transfer all 
 records and documents relating to the prior relief associations 
 to the secretary and treasurer of the subsequent volunteer 
 firefighters relief association. 

    Subd. 4.    Transfer of special fund assets and 
 liabilities.  (a) On the effective date of consolidation, the 
 secretary and the treasurer of a prior volunteer firefighters 
 relief association shall transfer the assets of the special fund 
 of the applicable relief association to the special fund of the 
 subsequent relief association.  Unless the appropriate secretary 
 and treasurer decide otherwise, the assets may be transferred as 
 investment securities rather than cash.  The transfer must 
 include any accounts receivable.  The appropriate secretary must 
 settle any accounts payable from the special fund of the relief 
 association before the effective date of consolidation. 

    (b) Upon the transfer of the assets of the special fund of 
 a prior relief association, the pension liabilities of that 
 special fund become the obligation of the special fund of the 
 subsequent volunteer firefighters relief association. 

    (c) Upon the transfer of the prior relief association 
 special fund assets, the board of trustees of the subsequent 
 volunteer firefighters relief association has legal title to and 
 management responsibility for the transferred assets as trustees 
 for persons having a beneficial interest in those assets arising 
 out of the benefit coverage provided by the prior relief 
 association. 

    (d) The subsequent volunteer firefighters relief 
 association is the successor in interest in all claims for and 
 against the special funds of the prior volunteer firefighters 
 relief associations or the applicable municipalities with 
 respect to the special funds of the prior relief associations.  
 The status of successor in interest does not apply to any claim 
 against a prior relief association, the municipality in which 
 that relief association is located, or any person connected with 
 the prior relief association or the municipality, based on any 
 act or acts that were not done in good faith and that 
 constituted a breach of fiduciary responsibility under common 
 law or chapter 356A. 

    HIST: 2000 c 461 art 16 s 6