Minnesota § 304A.103 TERMINATION OF PUBLIC BENEFIT CORPORATION STATUS

Minnesota Statutes

§ 304A.103 — TERMINATION OF PUBLIC BENEFIT CORPORATION STATUS

Minnesota § 304A.103

PartBUSINESS, SOCIAL, AND CHARITABLE ORGANIZATIONS

Ch. 304AMINNESOTA PUBLIC BENEFIT CORPORATION ACT

This text of Minnesota § 304A.103 (TERMINATION OF PUBLIC BENEFIT CORPORATION STATUS) 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. § 304A.103 (2026).

Text

Subdivision 1.By amendment.
In accordance with the procedures stated in chapter 302A and with approval by the minimum status vote, a public benefit corporation may terminate its status as a public benefit corporation and cease to be subject to this chapter by amending its articles to delete the requirements of section304A.101, subdivision 1, and change its name to remove the information required by section304A.101, subdivision 2.

Subd. 2.Merger, exchange, conversion, or transfer.
If a merger, exchange, conversion, or transfer would have the effect of terminating the status of a public benefit corporation under this chapter, the transfer or the plan of merger, exchange, or conversion must be approved by the minimum status vote.

Subd. 3.Rights of dissenting shareholders.
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Subdivision 1.By amendment.
In accordance with the procedures stated in chapter 302A and with approval by the minimum status vote, a public benefit corporation may terminate its status as a public benefit corporation and cease to be subject to this chapter by amending its articles to delete the requirements of section304A.101, subdivision 1, and change its name to remove the information required by section304A.101, subdivision 2.

Subd. 2.Merger, exchange, conversion, or transfer.
If a merger, exchange, conversion, or transfer would have the effect of terminating the status of a public benefit corporation under this chapter, the transfer or the plan of merger, exchange, or conversion must be approved by the minimum status vote.

Subd. 3.Rights of dissenting shareholders.
A shareholder of a public benefit corporation may dissent from, and obtain payment for the fair value of the shareholder's shares pursuant to sections302A.471and302A.473in the event of a termination of public benefit corporation status pursuant to this section.

Subd. 4.Effects of termination.
A public benefit corporation that terminates its status, or has its status revoked more than once pursuant to section304A.301, subdivision5, may not elect to become a public benefit corporation under this chapter until three years have passed since the effective date of termination or revocation.