Minnesota Legislature
Office of the Revisor of Statutes
2006 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
469.144 ESTABLISHMENT; BOARD.
Subdivision 1. Establishment. Any county or combination of counties by resolution of
the county board or boards may establish a rural development financing authority as a public
nonprofit corporation. An authority has the powers and duties conferred and imposed on a private
nonprofit corporation by chapter 317A, except as otherwise or additionally provided herein. No
such authority shall transact any business or exercise any powers until a certified copy of the
resolutions of each participating county board has been submitted to the secretary of state and a
certificate of incorporation issued pursuant to section 317A.155. Each resolution shall include
all of the provisions required by section 317A.111, subdivision 1. Alternatively, a county may
determine by resolution of the county board to exercise the powers granted in this chapter to a
rural development finance authority. No filing is required.
Subd. 2. Board. Each rural development financing authority shall be managed and controlled
by a board of directors consisting of that number of persons equal to the number of counties
establishing the authority, but in no case less than five. The directors shall be elected by the
establishing county board or boards and each county board shall have one vote. The directors
initially elected shall serve staggered terms designated by the electing board or boards. Thereafter,
all directors shall be elected for five-year terms and until their successors are elected and qualify.
Each vacancy in an unexpired term shall be filled in the manner in which the original appointment
was made. Each director shall be a resident of the establishing county and no director shall
hold any other public office or be an officer, employee, director, shareholder, or member of
any corporation, firm, or association with which the authority has entered into any operating or
lease agreement. Directors may be removed by the appointing board or boards for the reasons
and in the manner prescribed by section 469.010, and shall receive no compensation other than
reimbursement for expenses incurred in the performance of their duties. Directors shall have no
personal liability for corporate obligations of the authority or the methods of enforcement and
collection thereof.
Subd. 3. Articles of incorporation; bylaws. Rural development financing authorities shall
have no capital stock. Sections 469.142 to 469.151 shall constitute their articles of incorporation.
An authority may adopt bylaws consistent with sections 469.142 to 469.151.
History: 1987 c 291 s 145; 1989 c 304 s 136
Subdivision 1. Establishment. Any county or combination of counties by resolution of
the county board or boards may establish a rural development financing authority as a public
nonprofit corporation. An authority has the powers and duties conferred and imposed on a private
nonprofit corporation by chapter 317A, except as otherwise or additionally provided herein. No
such authority shall transact any business or exercise any powers until a certified copy of the
resolutions of each participating county board has been submitted to the secretary of state and a
certificate of incorporation issued pursuant to section 317A.155. Each resolution shall include
all of the provisions required by section 317A.111, subdivision 1. Alternatively, a county may
determine by resolution of the county board to exercise the powers granted in this chapter to a
rural development finance authority. No filing is required.
Subd. 2. Board. Each rural development financing authority shall be managed and controlled
by a board of directors consisting of that number of persons equal to the number of counties
establishing the authority, but in no case less than five. The directors shall be elected by the
establishing county board or boards and each county board shall have one vote. The directors
initially elected shall serve staggered terms designated by the electing board or boards. Thereafter,
all directors shall be elected for five-year terms and until their successors are elected and qualify.
Each vacancy in an unexpired term shall be filled in the manner in which the original appointment
was made. Each director shall be a resident of the establishing county and no director shall
hold any other public office or be an officer, employee, director, shareholder, or member of
any corporation, firm, or association with which the authority has entered into any operating or
lease agreement. Directors may be removed by the appointing board or boards for the reasons
and in the manner prescribed by section 469.010, and shall receive no compensation other than
reimbursement for expenses incurred in the performance of their duties. Directors shall have no
personal liability for corporate obligations of the authority or the methods of enforcement and
collection thereof.
Subd. 3. Articles of incorporation; bylaws. Rural development financing authorities shall
have no capital stock. Sections 469.142 to 469.151 shall constitute their articles of incorporation.
An authority may adopt bylaws consistent with sections 469.142 to 469.151.
History: 1987 c 291 s 145; 1989 c 304 s 136
Official Publication of the State of Minnesota
Revisor of Statutes