116O.05 POWERS OF CORPORATION.
Subdivision 1. General corporate powers.
(a) The corporation has the powers granted to a
business corporation by section
302A.161, subdivisions 3; 4; 5; 7; 8; 9; 11; 12; 13, except that
corporation may not act as a general partner in any partnership; 14; 15; 16; 17; 18; and 22.
(b) The state is not liable for the obligations of the corporation.
applies to this chapter and the corporation in the same manner that it
applies to business corporations established under chapter 302A.
(d) The corporation is a state agency for the purposes of the following accounting and
(1) financial reports and other requirements under section
(2) the state budget system under sections
(3) the state allotment and encumbrance, and accounting systems under sections
subdivisions 2, 3, 4, and 5
16A.15, subdivisions 2 and 3
(4) indirect costs under section
Subd. 2. Duties.
(a) The primary duties of the corporation shall include:
(1) applied research; and
(2) technology transfer and early stage funding to small manufacturers.
(b) The corporation shall also:
(1) establish programs, activities, and policies that provide technology transfer and
applied research and development assistance to individuals, sole proprietorships, partnerships,
corporations, other business entities, and nonprofit organizations in the state that are primarily
new and existing small and medium-sized businesses in greater Minnesota;
(2) provide or provide for technology-related assistance to individuals, sole proprietorships,
partnerships, corporations, other business entities, and nonprofit organizations;
(3) provide financial assistance under section
to assist the development of new
products, services, or production processes, to assist in energy conservation, or to assist in
bringing new products or services to the marketplace;
(4) provide or provide for research services including on-site research and testing of
production techniques and product quality;
(5) establish and operate regional research institutes as provided for in section
(6) make matching research grants for applied research and development to public and
private postsecondary education institutes as provided for in section
(7) enter into contracts for establishing formal relationships with public or private research
institutes or facilities;
(8) establish the Agricultural Utilization Research Institute under section
(9) not duplicate existing services or activities provided by other public and private
organizations but shall build on the existing educational, business, and economic development
Subd. 3. Rules.
The corporation must publish in the State Register any guidelines, policies,
or eligibility criteria prepared or adopted by the corporation for any of its financial or technology
Subd. 4. Supporting organizations.
On making a determination that the public policies and
purposes of this chapter will be carried out to a greater extent than what might otherwise occur,
the board may cause to be created and may delegate, assign, or transfer to one or more entities,
including without limitation a corporation, nonprofit corporation, limited liability company,
partnership, or limited partnership, any or all rights and duties, assets and liabilities, powers or
authority created, authorized, or allowed under this chapter, including without limitation those
pertaining to the seed capital fund under section
, except to the extent specifically
limited by the Constitution or by law.
History: 1987 c 386 art 2 s 5; 1989 c 335 art 1 s 171; art 4 s 58; 1991 c 322 s 4; 1993 c 163
art 2 s 5; 1997 c 187 art 3 s 24; 1997 c 200 art 1 s 61