Minnesota Statutes Business, Social, and Charitable Organizations (Ch. 300-323A) § 308A.605. Member and stockholder violations

Current as of January 01, 2025 | Updated by Findlaw Staff

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.

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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Cite this article: FindLaw.com - Minnesota Statutes Business, Social, and Charitable Organizations (Ch. 300-323A) § 308A.605. Member and stockholder violations - last updated January 01, 2025 | https://codes.findlaw.com/mn/business-social-and-charitable-organizations-ch-300-323a/mn-st-sect-308a-605/

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