2006 Minnesota Statutes

41B.025 RURAL FINANCE AUTHORITY.
    Subdivision 1. Establishment. There is created a public body corporate and politic to be
known as the "Minnesota Rural Finance Authority," which shall perform the governmental
functions and exercise the sovereign powers delegated to it in sections 41B.01 to 41B.23 and
chapter 41C in furtherance of the public policies and purposes declared in section 41B.01. The
board of the authority consists of the commissioners of agriculture, commerce, employment and
economic development, and finance, the state auditor, and six public members appointed by the
governor with the advice and consent of the senate. The state auditor may designate one staff
member to serve in the auditor's place. No public member may reside within the metropolitan
area, as defined in section 473.121, subdivision 2. Each member shall hold office until a successor
has been appointed and has qualified. A certificate of appointment or reappointment of any
member is conclusive evidence of the proper appointment of the member.
    Subd. 2. Terms; compensation; removal; vacancies. The membership terms, compensation,
removal of members, and filling of vacancies for the public members of the authority are as
provided in section 15.0575.
    Subd. 3. Chair. The commissioner of agriculture is the chair of the board. The commissioner
of finance is the vice-chair of the board.
    Subd. 4.[Repealed, 1987 c 396 art 1 s 32]
    Subd. 5. Actions of the authority. A majority of the members of the authority, excluding
vacancies, constitutes a quorum for the purpose of conducting its business and exercising its
powers and for all other purposes. Action may be taken by the authority upon a vote of a majority
of a quorum present.
    Subd. 6. Administrative control. The authority is under the administrative control of the
commissioner of agriculture.
    Subd. 7. Personal liability. The members and officers of the authority are not liable
personally, either jointly or severally, for any debt or obligation created or incurred by the
authority.
    Subd. 8. Technical assistance. The authority must make technical assistance available to
potential lenders and applicants to encourage applications for loans.
History: 1986 c 398 art 6 s 4; 1986 c 444; 1987 c 384 art 2 s 1; 1987 c 396 art 1 s 13,14,31;
1991 c 332 s 1-3; 1Sp2001 c 2 s 67; 1Sp2003 c 4 s 1