Minnesota § 301.71 - DEVELOPMENT CORPORATIONS
Full text of Minnesota Minnesota Statutes § 301.71 — DEVELOPMENT CORPORATIONS, with citation guidance and answers to common questions.
§ 301.71. DEVELOPMENT CORPORATIONS
Subdivision 1.Formation.
Any three or more natural persons who are residents of this state may form a development corporation by complying with the conditions prescribed in sections 301.71 to 301.84.
Subd. 2.Certificate; required information.
They subscribe and acknowledge a certificate specifying:
(1) The name, the general nature of its business, and the principal place of transacting its business. The name shall distinguish the corporation from all other corporations authorized to do business in the state, and shall contain the words "Development Corporation".
(2) The period of its duration, which may be limited or perpetual.
(3) The name and residence of each incorporator.
(4) The names and addresses of those composing this board until the first election.
(5) The highest amount of indebtedness or liability to which the corporation shall be subject.
Subd. 3.Certificate; other information.
The certificate may contain any other lawful provision defining and regulating the powers and business of the corporation, its officers, directors, members, and stockholders.
History:
1957 c 896 s 1; 1967 c 619 s 1
Official Publication of the State of Minnesota
Revisor of Statutes
Frequently Asked Questions About Minnesota § 301.71
What does Minnesota Statutes § 301.71 cover?
Section 301.71 ("DEVELOPMENT CORPORATIONS") is part of the Minnesota Statutes, the codified statutory law of Minnesota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Minnesota § 301.71?
A common citation format is "Minnesota Statutes § 301.71" (Minnesota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Minnesota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Minnesota official source linked on this page or consult a licensed Minnesota attorney.
How does Minnesota § 301.71 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Minnesota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Minnesota.