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Minn. Stat. § 308A.605

MEMBER AND STOCKHOLDER VIOLATIONS.

Known as the Minnesota Cooperative Law

The act spans §§ 308A.001 to 308A.985 (66 sections).

1989 c 144 art 1 s 28; art 3 s 19

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.

Official source: Minnesota Office of the Revisor of Statutes. Reproduced from public-domain Minnesota statutes; confirm against the official source for the current text. Not legal advice.