2006 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
308A.125 STOCK AND NONSTOCK ORGANIZATION.
Subdivision 1. Stock and nonstock cooperatives have same authority. Cooperatives
organized on a capital stock basis may be organized and have the same powers and authority as
cooperatives organized without capital stock on a membership basis.
Subd. 2. Capital stock organization. A cooperative is organized on a capital stock basis if
holding shares of common stock entitles the holder of the stock to vote.
Subd. 3. Nonstock organization. (a) The articles of a nonstock cooperative must contain
the provisions required in the articles of a cooperative organized on a capital stock basis if the
provisions are applicable to a cooperative organized upon a membership basis.
(b) Except for cooperatives constituted partially or entirely of other cooperatives, a member
of a cooperative organized on a membership basis may not have more than one vote, and a
membership is transferable only with the consent and approval of the board.
History: 1989 c 144 art 1 s 9
Subdivision 1. Stock and nonstock cooperatives have same authority. Cooperatives
organized on a capital stock basis may be organized and have the same powers and authority as
cooperatives organized without capital stock on a membership basis.
Subd. 2. Capital stock organization. A cooperative is organized on a capital stock basis if
holding shares of common stock entitles the holder of the stock to vote.
Subd. 3. Nonstock organization. (a) The articles of a nonstock cooperative must contain
the provisions required in the articles of a cooperative organized on a capital stock basis if the
provisions are applicable to a cooperative organized upon a membership basis.
(b) Except for cooperatives constituted partially or entirely of other cooperatives, a member
of a cooperative organized on a membership basis may not have more than one vote, and a
membership is transferable only with the consent and approval of the board.
History: 1989 c 144 art 1 s 9
Official Publication of the State of Minnesota
Revisor of Statutes