2007 Minnesota Statutes

356A.03 PROHIBITION OF CERTAIN PERSONS FROM FIDUCIARY STATUS.
    Subdivision 1. Individual prohibition. For the prohibition period established by subdivision
2, a person, other than a constitutional officer of the state, who has been convicted of a violation
listed in subdivision 3, may not serve in a fiduciary capacity identified in section 356A.02.
    Subd. 2. Prohibition period. A prohibition under subdivision 1 is for a period of five years,
beginning on the day following conviction for a violation listed in subdivision 3 or, if the person
convicted is incarcerated, the day following unconditional release from incarceration.
    Subd. 3. Applicable violations. A prohibition under subdivision 1 is imposed as a result of
any of the following violations of law:
(1) a violation of federal law specified in United States Code, title 29, section 1111, as
amended;
(2) a violation of Minnesota law that is a felony under Minnesota law; or
(3) a violation of the law of another state, United States territory or possession, or federally
recognized Indian tribal government, or of the Uniform Code of Military Justice, that would be a
felony under the offense definitions and sentences in Minnesota law.
    Subd. 4. Documentation. In determining the applicability of this section, the appropriate
appointing authority, the State Board of Investment, or the covered pension plan, as the case may
be, may rely on a disclosure form meeting the requirements of the federal Investment Advisers
Act of 1940, as amended through June 2, 1989, and filed with the State Board of Investment
or the pension plan.
History: 1989 c 319 art 7 s 3