10A.242 DISSOLUTION OF INACTIVE COMMITTEES AND FUNDS.
Subdivision 1. Dissolution required.
A political committee, political fund, or principal
campaign committee must be dissolved within 60 days after receiving notice from the board that
the committee or fund has become inactive. The assets of the committee or fund must be spent for
the purposes authorized by section
and other applicable law or liquidated and deposited
in the general account of the state elections campaign fund within 60 days after the board notifies
the committee or fund that it has become inactive.
Subd. 2. Inactivity defined.
(a) A principal campaign committee becomes inactive on the
later of the following dates:
(1) when six years have elapsed since the last election in which the person was a candidate for
the office sought or held at the time the principal campaign committee registered with the board; or
(2) when six years have elapsed since the last day on which the individual for whom it exists
served in an elective office subject to this chapter.
(b) A political committee or fund becomes inactive when two years have elapsed since the
end of a reporting period during which the political committee or fund made an expenditure or
disbursement requiring disclosure under this chapter.
Subd. 3. Remaining debts.
If a committee or fund becomes inactive when it still has unpaid
debts, the committee or fund must liquidate available assets to pay the debts. If insufficient assets
exist to pay the debts, the board may set up a payment schedule and allow the committee or
fund to defer dissolution until all debts are paid. This section does not extinguish debts incurred
by the committee or fund.
History: 1990 c 608 art 3 s 10; 1999 c 220 s 29,50