2005 Minnesota Statutes - 317A.671 — Certain assets not to be diverted.

     317A.671 Certain assets not to be diverted. 


    Except as provided in section 501B.31, when a corporation 
 dissolves, merges, substantially changes the use or purposes for 
 which it will use its assets, or consolidates, transfers its 
 assets, or grants a mortgage or other security interest in its 
 assets, assets of the corporation or a constituent corporation, 
 and assets subsequently received by a single corporation after a 
 merger or consolidation, may not be diverted from the uses and 
 purposes for which the assets have been received and held, or 
 from the uses and purposes expressed or intended by the original 
 donor. 


    HIST: 1989 c 304 s 93; 1989 c 340 art 2 s 9; 1997 c 222 s 43