Minnesota Statutes Business, Social, and Charitable Organizations (Ch. 300-323A) § 308C.225. Amendment of organizational documents to be governed by this chapter

Subd. 3. Effect of being governed by this chapter. The conversion of a housing cooperative organized under chapter 308A or 308B to a cooperative governed by this chapter does not affect any obligations or liabilities of the cooperative before the conversion or the personal liability of any person incurred before the conversion. When the conversion is effective, the rights, privileges, and powers of the cooperative; real and personal property of the cooperative; debts due to the cooperative; and causes of action belonging to the cooperative remain vested in the cooperative and are the property of the cooperative as converted and governed by this chapter. Title to real property vested by deed or otherwise in the housing cooperative organized under chapters 308A and 308B does not revert and is not impaired by reason of the cooperative being converted and governed by this chapter. Rights of creditors and liens upon property of the housing cooperative under chapters 308A and 308B are preserved unimpaired, and debts, liabilities, and duties of the housing cooperative under chapters 308A and 308B remain attached to the housing cooperative as converted and governed by this chapter and may be enforced against the housing cooperative to the same extent as if the debts, liabilities, and duties had originally been incurred or contracted by the cooperative as organized under this chapter. The rights, privileges, powers, and interests in property of the cooperative under chapters 308A and 308B, as well as the debts, liabilities, and duties of the cooperative are not deemed, as a consequence of the conversion, to have been transferred for any purpose of the laws of this state.