2007 Minnesota Statutes

424B.06 TRANSFERS.
    Subdivision 1. Generally. On the effective date of consolidation, the records, assets, and
liabilities of the prior volunteer firefighters relief associations are transferred to the consolidated
volunteer firefighters relief association. On the effective date of consolidation, the prior volunteer
firefighters relief associations cease to exist as legal entities, except for the purposes of winding
up association affairs as provided by this chapter.
    Subd. 2. Transfer of administration. On the effective date of consolidation, the
administration of the prior relief associations is transferred to the board of trustees of the
subsequent volunteer firefighters relief association.
    Subd. 3. Transfer of records. On the effective date of consolidation, the secretary and
the treasurer of the prior volunteer firefighters relief associations shall transfer all records and
documents relating to the prior relief associations to the secretary and treasurer of the subsequent
volunteer firefighters relief association.
    Subd. 4. Transfer of special fund assets and liabilities. (a) On the effective date of
consolidation, the secretary and the treasurer of a prior volunteer firefighters relief association
shall transfer the assets of the special fund of the applicable relief association to the special
fund of the subsequent relief association. Unless the appropriate secretary and treasurer decide
otherwise, the assets may be transferred as investment securities rather than cash. The transfer
must include any accounts receivable. The appropriate secretary must settle any accounts payable
from the special fund of the relief association before the effective date of consolidation.
(b) Upon the transfer of the assets of the special fund of a prior relief association, the
pension liabilities of that special fund become the obligation of the special fund of the subsequent
volunteer firefighters relief association.
(c) Upon the transfer of the prior relief association special fund assets, the board of trustees
of the subsequent volunteer firefighters relief association has legal title to and management
responsibility for the transferred assets as trustees for persons having a beneficial interest in those
assets arising out of the benefit coverage provided by the prior relief association.
(d) The subsequent volunteer firefighters relief association is the successor in interest in all
claims for and against the special funds of the prior volunteer firefighters relief associations or the
applicable municipalities with respect to the special funds of the prior relief associations. The
status of successor in interest does not apply to any claim against a prior relief association, the
municipality in which that relief association is located, or any person connected with the prior
relief association or the municipality, based on any act or acts that were not done in good faith and
that constituted a breach of fiduciary responsibility under common law or chapter 356A.
History: 2000 c 461 art 16 s 6