Section 308A.125 Stock and Nonstock Organization
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