HF 3700 Summary

• Creates new section 302A.167 in Minnesota Statutes prohibiting corporations organized under chapter 302A from making corporate independent political expenditures.

• Amends section 302A.165 to establish that corporate actions are not invalid merely because the corporation lacked power to perform them, except where lack of power is established in court.

• Allows courts to set aside unauthorized corporate actions in shareholder proceedings and may award compensation to parties harmed by the court's action.

• Permits proceedings by the attorney general to dissolve a corporation or enjoin it from conducting unauthorized business transactions.