The Mississippi Sections 302A.471 and 302A.473 of the Minnesota Business Corporation Act pertain to specific provisions in corporate law. It is important to note that while these sections are mentioned as "Mississippi" in the query, they are actually sections of the Minnesota Business Corporation Act. Thus, we will provide information about their functions and key details. Section 302A.471 of the Minnesota Business Corporation Act relates to the issuance of shares by a corporation. It outlines rules and regulations governing the issuance process, including the permissible forms of consideration for shares, the determination of consideration's value, and the rights and restrictions associated with the issued shares. The section also addresses the requirements for issuing fractional shares, the authority vested in the board of directors to determine the issuance of shares, and the subsequent impact on the corporation's capital structure. On the other hand, Section 302A.473 of the Minnesota Business Corporation Act focuses on preemption rights, which concern the rights of existing shareholders to purchase additional shares before they are made available to other parties. This section defines the instances in which preemption rights can be enforced, the procedures for exercising these rights, and any limitations or exceptions that may apply. It is designed to protect shareholders and ensure fairness in the allocation of shares when new issuance occur. As for the different types of the mentioned sections, there aren't specific "types" as per the query. However, it is worth noting that these sections are part of a larger body of the Minnesota Business Corporation Act, which contains numerous provisions and sections covering various aspects of corporate governance, share issuance, shareholder rights, and more. These sections work in conjunction with other parts of the Act to establish a comprehensive legal framework for Minnesota corporations. In conclusion, the Mississippi Sections 302A.471 and 302A.473 of the Minnesota Business Corporation Act address distinct aspects of corporate law. Section 302A.471 focuses on the issuance of shares, while Section 302A.473 concerns preemption rights. Understanding these sections is vital for corporations operating in Minnesota to comply with the relevant laws and regulations governing these areas.
Mississippi Sections 302A.471 and 302A.473 of Minnesota Business Corporation Act
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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.
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) 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 ...
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.
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.
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 ...
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.
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 ...