Minnesota § 308A.605 MEMBER AND STOCKHOLDER VIOLATIONS

Minnesota Statutes

§ 308A.605 — MEMBER AND STOCKHOLDER VIOLATIONS

Minnesota § 308A.605

PartBUSINESS, SOCIAL, AND CHARITABLE ORGANIZATIONS

Ch. 308ACOOPERATIVE LAW

This text of Minnesota § 308A.605 (MEMBER AND STOCKHOLDER VIOLATIONS) 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. § 308A.605 (2026).

Text

Subdivision 1.Stockholder violations.

(a)A stockholder who knowingly, intentionally, or repeatedly violates a provision of the bylaws may be required by the board to surrender stock of any class owned by the stockholder.

(b)The cooperative shall refund to the stockholder for the surrendered stock the lesser of the par value or the book value of the stock.

(c)Stock required to be surrendered shall be retired and canceled by the board. Subd. 2.Member violations. A member who knowingly, intentionally, or repeatedly violates a provision of the bylaws may be required by the board to surrender membership in the cooperative.

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Subdivision 1.Stockholder violations.
(a) A stockholder who knowingly, intentionally, or repeatedly violates a provision of the bylaws may be required by the board to surrender stock of any class owned by the stockholder.
(b) The cooperative shall refund to the stockholder for the surrendered stock the lesser of the par value or the book value of the stock.
(c) Stock required to be surrendered shall be retired and canceled by the board.

Subd. 2.Member violations.
A member who knowingly, intentionally, or repeatedly violates a provision of the bylaws may be required by the board to surrender membership in the cooperative.