2007 Minnesota Code
Chapters 300 - 319B Corporations
Chapter 308A Cooperatives
Section 308A.605 MEMBER AND STOCKHOLDER VIOLATIONS.
308A.605 MEMBER AND STOCKHOLDER VIOLATIONS.
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.
History: 1989 c 144 art 1 s 28; art 3 s 19
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