Skip to main content

Minnesota Statutes Declaratory, Corrective and Administrative Remedies (Ch. 553-569) § 556.07. Corporate charter, vacation

Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.

An action may be brought by the attorney general in the name of the state to vacate the charter or annul the existence of a corporation, other than municipal, whenever such corporation:

(1) offends against any act creating, altering, or renewing it;

(2) violates any provision of law whereby it forfeits its charter by abuse of its powers;

(3) forfeits its privileges or franchises by failure to exercise its powers;

(4) does or omits any act amounting to a surrender of its corporate rights, privileges, and franchises;  or

(5) exercises a franchise or privilege not conferred upon it by law.

The attorney general shall bring action in every case of public interest, whenever the attorney general has reason to believe that any of these acts or omissions can be proved, and in every other case in which satisfactory security shall be given to indemnify the state against costs and expenses.

Cite this article: FindLaw.com - Minnesota Statutes Declaratory, Corrective and Administrative Remedies (Ch. 553-569) § 556.07. Corporate charter, vacation - last updated January 01, 2018 | https://codes.findlaw.com/mn/declaratory-corrective-and-administrative-remedies-ch-553-569/mn-st-sect-556-07/


FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

Was this helpful?

Thank you. Your response has been sent.

Copied to clipboard