Massachusetts Sections 302A.471 and 302A.473 of the Minnesota Business Corporation Act Massachusetts Sections 302A.471 and 302A.473 of the Minnesota Business Corporation Act are important provisions that govern specific aspects of business operations and management within the state. These sections outline the requirements, procedures, and restrictions for specific activities undertaken by businesses operating under this legislation. Understanding these sections is crucial for businesses and individuals seeking to establish, operate, or interact with corporations governed by the Minnesota Business Corporation Act in Massachusetts. Section 302A.471 of the Minnesota Business Corporation Act addresses the topic of payment for shares. This provision establishes guidelines for the payment of shares issued by a corporation. It outlines the conditions under which the corporation can accept different forms of consideration for shares, including cash, property, services, or any other form approved by the board of directors. Additionally, Section 302A.471 specifies the rights and obligations of shareholders when contributing non-monetary assets, ensuring transparency and fairness in corporate transactions. Section 302A.473 of the Minnesota Business Corporation Act deals with the issuance and transfer of shares. This section outlines the rules and procedures for the issuance of shares by a corporation, including the conditions under which the board of directors can authorize their issuance, the timing, and the restrictions on such issuance. Furthermore, this section covers the transferability of shares, detailing the requirements and restrictions surrounding the transfer of ownership from one shareholder to another. In Massachusetts, the provisions under Sections 302A.471 and 302A.473 of the Minnesota Business Corporation Act apply to all corporations incorporated under this legislation. However, it is important to note that Massachusetts may have additional laws or regulations that complement or modify these provisions. Businesses operating in Massachusetts should consult legal counsel with expertise in corporate law to ensure compliance with both the Minnesota Business Corporation Act and Massachusetts-specific regulations. A thorough understanding of Sections 302A.471 and 302A.473 is crucial for businesses in Massachusetts to engage in fair and transparent corporate transactions, shareholder relations, and overall compliance with the Minnesota Business Corporation Act. By adhering to these provisions, businesses can protect their interests and maintain trust with their shareholders while contributing to a stable and thriving business environment in Massachusetts.
Massachusetts Sections 302A.471 and 302A.473 of Minnesota Business Corporation Act
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A shareholder, beneficial owner, or holder of a voting trust certificate who has gained access under this section to any corporate record including the share register may not use or furnish to another for use the corporate record or a portion of the contents for any purpose other than a proper purpose.
A prohibition or limit on indemnification or advances may not apply to or affect the right of a person to indemnification or advances of expenses with respect to any acts or omissions of the person occurring prior to the effective date of a provision in the articles or the date of adoption of a provision in the bylaws ...
An action required or permitted to be taken at a board meeting may be taken by written action signed, or consented to by authenticated electronic communication, by all of the directors.
When written action is permitted to be taken by less than all shareholders, all shareholders who did not sign or consent to the written action must be notified of its text and effective time no later than five days after the effective time of the action.
(a) A shareholder shall not assert dissenters' rights as to less than all of the shares registered in the name of the shareholder, unless the shareholder dissents with respect to all the shares that are beneficially owned by another person but registered in the name of the shareholder and discloses the name and address ...
An action required or permitted to be taken at a board meeting may be taken by written action signed, or consented to by authenticated electronic communication, by all of the directors.
In discharging the duties of the position of director, a director may, in considering the best interests of the corporation, consider the interests of the corporation's employees, customers, suppliers, and creditors, the economy of the state and nation, community and societal considerations, and the long-term as well ...
A shareholder, beneficial owner, or holder of a voting trust certificate who has gained access under this section to any corporate record including the share register may not use or furnish to another for use the corporate record or a portion of the contents for any purpose other than a proper purpose.