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MN HF2414

Bill

Official Source

Status

Introduced

2/20/2012

Primary Sponsor

Joe Atkins

Click for details

Origin

House of Representatives

87th Legislature 2011-2012

AI Summary

  • Amends Minnesota Statutes section 302A.165 to add an exception for a new section 302A.167 regarding corporate political expenditures
  • Creates new section 302A.167 establishing that business corporations organized under Minnesota law do not have the power to make corporate independent political expenditures
  • Defines ultra vires (lack of corporate power) limitations with exceptions for shareholder injunction proceedings, derivative suits against officers/directors, and Attorney General enforcement actions
  • Makes corporate independent political expenditures subject to challenge through shareholder suits, derivative actions, or Attorney General proceedings under the ultra vires doctrine

Legislative Description

Business corporations not allowed the power to make corporate independent political expenditures.

Last Action

Author added Slocum

2/29/2012

Committee Referrals

Commerce and Regulatory Reform2/20/2012

Full Bill Text

No bill text available