2006 Minnesota Code
Chapters 116R - 116U Business Development
Chapter 116S Minnesota Business Finance, Inc.
Section 116S.09 DISSOLUTION.
116S.09 DISSOLUTION.
In the event of dissolution of the corporation for any reason, the state, upon action by the
governor, and after consultation with the Legislative Advisory Commission, may require the
liquidation of all holdings and investments and the return of the proceeds of that liquidation
and any wholly owned assets of the corporation to the state, in exchange for the assumption of
all outstanding obligations of the corporation.
If the corporation is dissolved, or certain of its functions transferred to another entity, the
assets and liabilities and property associated with the dissolved or transferred functions must
return to the state or to the entity designated by laws.
History: 1993 c 177 s 10
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