2004 Minnesota Statutes

     302A.031 Transition. 

    Subdivision 1.    Continuation of legal acts.  The 
 continuation or completion of any act by a corporation that has 
 not incorporated under, but has become governed by, this 
 chapter, and the continuation or performance of any executed or 
 wholly or partially executory contract, conveyance, or transfer 
 to or by the corporation, shall, if otherwise lawful before the 
 corporation became governed by this chapter, remain valid, and 
 may be continued, completed, consummated, enforced, or 
 terminated as required or permitted by a statute applicable 
 prior to the date on which the corporation became governed by 
 this chapter. 

    Subd. 2.    Transition of preemptive rights.  For 
 purposes of denial of preemptive rights under section 302A.413, 
 subdivision 1, the articles of a corporation formed under 
 chapter 301 shall be construed to deny completely preemptive 
 rights for all shares, rights to purchase shares, securities 
 other than shares or rights to purchase securities other than 
 shares, if those articles deny shareholders the preemptive right 
 to purchase or subscribe to shares.  

    HIST: 1981 c 270 s 3; 1984 c 618 s 10