Minnesota § 67A.06 POWERS OF CORPORATION

Minnesota Statutes

§ 67A.06 — POWERS OF CORPORATION

Minnesota § 67A.06

PartINSURANCE

Ch. 67ATOWNSHIP MUTUAL COMPANIES

This text of Minnesota § 67A.06 (POWERS OF CORPORATION) 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. § 67A.06 (2026).

Text

Every corporation formed under the provisions of sections67A.01to67A.26, shall have power:

(1)to have succession by its corporate name for the time stated in its certificate of incorporation;

(2)to sue and be sued in any court;

(3)to have and use a common seal and alter the same at pleasure;

(4)to acquire, by purchase or otherwise, and to hold, enjoy, improve, lease, encumber, and convey all real and personal property necessary for the purpose of its organization, subject to such limitations as may be imposed by law or by its articles of incorporation;

(5)to elect or appoint in such manner as it may determine all necessary or proper officers, agents, boards, and committees, fix their compensation, and define their powers and duties;

(6)to make and amend consistently with law bylaws p

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Every corporation formed under the provisions of sections67A.01to67A.26, shall have power:
(1) to have succession by its corporate name for the time stated in its certificate of incorporation;
(2) to sue and be sued in any court;
(3) to have and use a common seal and alter the same at pleasure;
(4) to acquire, by purchase or otherwise, and to hold, enjoy, improve, lease, encumber, and convey all real and personal property necessary for the purpose of its organization, subject to such limitations as may be imposed by law or by its articles of incorporation;
(5) to elect or appoint in such manner as it may determine all necessary or proper officers, agents, boards, and committees, fix their compensation, and define their powers and duties;
(6) to make and amend consistently with law bylaws providing for the management of its property and the regulation and government of its affairs;
(7) to wind up and liquidate its business in the manner provided by chapter 60B;
(8) to indemnify certain persons against expenses and liabilities as provided in section302A.521. In applying section302A.521for this purpose, the term "members" shall be substituted for the terms "shareholders" and "stockholders"; and
(9) to eliminate or limit a director's personal liability to the company or its members for monetary damages for breach of fiduciary duty as a director. A company shall not eliminate or limit the liability of a director:
(i) for breach of loyalty to the company or its members;
(ii) for acts or omissions made in bad faith or with intentional misconduct or knowing violation of law;
(iii) for transactions from which the director derived an improper personal benefit; or
(iv) for acts or omissions occurring before the date that the provisions in the articles eliminating or limiting liability become effective.

Legislative History

1967 c 395 art 8 s 6;1969 c 708 s 63;1975 c 15 s 3;1979 c 152 s 1;1987 c 337 s 111;1987 c 384 art 2 s 1;1989 c 209 art 2 s 1;2005 c 69 art 3 s 14;2009 c 37 art 3 s 19