Minnesota § 301.71 DEVELOPMENT CORPORATIONS

Minnesota Statutes

§ 301.71 — DEVELOPMENT CORPORATIONS

Minnesota § 301.71

PartBUSINESS, SOCIAL, AND CHARITABLE ORGANIZATIONS

Ch. 301DEVELOPMENT CORPORATIONS

This text of Minnesota § 301.71 (DEVELOPMENT CORPORATIONS) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 301.71 (2026).

Text

Subdivision 1.Formation. Any three or more natural persons who are residents of this state may form a development corporation by complying with the conditions prescribed in sections301.71to301.84. Subd. 2.Certificate; required information. They subscribe and acknowledge a certificate specifying:

(1)The name, the general nature of its business, and the principal place of transacting its business. The name shall distinguish the corporation from all other corporations authorized to do business in the state, and shall contain the words "Development Corporation".

(2)The period of its duration, which may be limited or perpetual.

(3)The name and residence of each incorporator.

(4)The names and addresses of those composing this board until the first election.

(5)The highest amount of indebt

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Subdivision 1.Formation.
Any three or more natural persons who are residents of this state may form a development corporation by complying with the conditions prescribed in sections301.71to301.84.

Subd. 2.Certificate; required information.
They subscribe and acknowledge a certificate specifying:
(1) The name, the general nature of its business, and the principal place of transacting its business. The name shall distinguish the corporation from all other corporations authorized to do business in the state, and shall contain the words "Development Corporation".
(2) The period of its duration, which may be limited or perpetual.
(3) The name and residence of each incorporator.
(4) The names and addresses of those composing this board until the first election.
(5) The highest amount of indebtedness or liability to which the corporation shall be subject.

Subd. 3.Certificate; other information.
The certificate may contain any other lawful provision defining and regulating the powers and business of the corporation, its officers, directors, members, and stockholders.