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Chapter 308B
Section 308B.715
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This is an historical version of this statute chapter. Also view the most recent published version.
308B.715 CONTRIBUTION RIGHTS AGREEMENTS.
Subdivision 1. Agreements permitted. Subject to any restrictions in the articles or bylaws,
a cooperative may enter into contribution rights agreements under the terms, provisions, and
conditions fixed by the board.
Subd. 2. Writing required and terms to be stated. Any contribution rights agreement
must be in writing and the writing must state in full, summarize, or include by reference all the
agreement's terms, provisions, and conditions of the rights to make contributions.
Subd. 3. Restrictions on assignment. Unless otherwise provided in the articles or bylaws,
a would-be contributor's rights under a contribution rights agreement may not be assigned, in
whole or in part, to a person who was not a member at the time of the assignment, unless all the
members approve the assignment by unanimous written consent.
History: 2003 c 105 art 1 s 63
Subdivision 1. Agreements permitted. Subject to any restrictions in the articles or bylaws,
a cooperative may enter into contribution rights agreements under the terms, provisions, and
conditions fixed by the board.
Subd. 2. Writing required and terms to be stated. Any contribution rights agreement
must be in writing and the writing must state in full, summarize, or include by reference all the
agreement's terms, provisions, and conditions of the rights to make contributions.
Subd. 3. Restrictions on assignment. Unless otherwise provided in the articles or bylaws,
a would-be contributor's rights under a contribution rights agreement may not be assigned, in
whole or in part, to a person who was not a member at the time of the assignment, unless all the
members approve the assignment by unanimous written consent.
History: 2003 c 105 art 1 s 63
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