2002 Minnesota Code
Chapters 300 - 319B Corporations
Chapter 300 General Provisions
Section 300.09 Property; sale, lease, exchange; procedure.
300.09 Property; sale, lease, exchange; procedure.
At a meeting of its board of directors a corporation organized under the laws of this state, except those formed or coming under the Minnesota Business Corporation Act, or a nonprofit corporation subject to the Minnesota Nonprofit Corporation Act, may sell, lease, or exchange all its property, rights, privileges, and franchises upon the terms and conditions its board of directors considers expedient and for the best interests of the corporation. The sale, lease, or exchange must be authorized by the affirmative vote of the holders of two-thirds of the shares of stock of the company issued and outstanding having voting power, given at a stockholders' meeting duly called for that purpose, or authorized by the written consent of the holders of two-thirds of the shares of stock of the company issued and outstanding having voting power. The certificate of incorporation may require the vote or written consent of a larger portion of the stockholders.
HIST: (7447-1) 1925 c 320 s 1; 1933 c 300 s 62; 1951 c 550 s 70; 1953 c 650 s 21; 1984 c 628 art 5 s 1
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