2005 Minnesota Statutes - 334.06 — Agreements to share profits; banks for farm cooperatives.

     334.06 Agreements to share profits; banks for farm 
  cooperatives. 


    Nothing in this chapter shall be construed as in any way 
 affecting any contract whereby one party advances money to be 
 used in business or other ventures mutually determined upon, and 
 whereby the party receiving such money agrees to refund the 
 same, with lawfully stipulated interest, and, in addition 
 thereto, agrees to share, equally or otherwise, with the party 
 so advancing the money, the profits of such business or 
 ventures; nor shall its provisions apply to any banks for 
 cooperatives created or operating under the Federal Farm Credit 
 Act of 1933, as amended, which by law or contract with its 
 borrowers operates as a cooperative. 


    HIST: (7041) RL s 2738; 1967 c 341 s 1; 1977 c 350 s 3