Corporations and Partnerships Legislation - Minnesota

HF 1175 SECOND ENGROSSMENT Aircraft facilities state financing modified to allow flexibility in obtaining a new lessee for a facility, and other statutory provisions modified. Section 1: "Project" defined. Section 2: Sale authorization language modified. Section 3: Loan, lease, and revenue agreements language modified. Section 4: Security language modified. Section 5: Use of proceeds; aircraft maintenance facility language modified. Section 6: General powers language modified. Section 7: Sources of payment language modified. Section 8: Funds language modified. Section 9: Approval language provided. Section 10: Exempt property used by private entity for profit language modified. Section 11: Credit for job creation language modified. Section 12: Aircraft heavy maintenance facility language modified. [...]

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"Minnesota Public Utilities Holding Company Act"; prohibiting persons from forming a public utility holding company without public utilities commission (PUC) approval, specifying required information for a certificate of approval application, providing for PUC hearing, decision, modifications; regulating public utility holding company takeovers and capital impairment; providing regulatory limitation for public utility holding companies and nonutility affiliates, prohibiting lending, obligation guarantee, subsidization and operations impairment, regulating confidential information and real property transfers, dissolution requirements and property transactions; requiring separate organizations and assets recording; providing loan and investment restrictions for officers, prescribing penalties; specifying reporting and asset requirements; authorizing PUC investigations, private cause of action and PUC, attorney general [...]

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Relating to commerce ARTICLE 1 - OUTDOOR SPORT EQUIPMENT FRANCHISES Regulating franchise agreements between outdoor sport equipment dealers and manufacturers; defining certain terms; requiring good cause by manufacturer to terminate, cancel, fail to renew or substantially change the competitive circumstances of a dealership agreement; specifying notice and obligation to repurchase requirements, providing for payment of repair parts; specifying payment and interest requirements, providing for dealer notice of intent to return and manufacturer inspection of the equipment and specifying certain payment or credit requirements; providing for manufacturer repurchase of the equipment upon the death of the dealer; specifying certain manufacturer violations and regulating warranty claims; voiding inconsistent agreements; providing for certain remedies and for applicability of the provisions ARTICLE [...]

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Providing an income tax credit for costs incurred for the rehabilitation of certain certified historic structures located in the Fergus Falls historical zone; providing for a carryback and carryforward of tax liability; requiring pass through of credits granted to partnerships or limited liability companies (LLC) taxed as partnerships or multiple owners of property to the partners, members or owners, authorizing transfer, sale or assignment of the credits and use to offset income taxes imposed; requiring taxpayer application to the state historic preservation office of the Minnesota historical society before beginning the project, requiring the office to determine the amount of eligible rehabilitation costs, eligibility certificate issuance requirement and fee charging authority; authorizing the taxpayers to elect in lieu of the credit to receive a historic rehabilitation mortgage credit certificate, specifying terms [...]

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1E Relating to business organizations ARTICLE 1 - TECHNICAL AMENDMENTS TO THE BUSINESS CORPORATIONS ACT Modifying certain definitions, allowing statutory provisions modifications in shareholder control agreements and clarifying scope of shareholder control agreements, clarifying board meeting presence in person, permitting articles of a domestic corporation of a non publicly held corporation to confer certain voting powers on directors and requiring shareholder approval, modifying proxy termination procedure, clarifying special legal counsel requirements and dissolution methods, allowing directors to authorize and commence dissolutions ARTICLE 2 - TECHNICAL AMENDMENTS TO THE LIMITED LIABILITY COMPANY ACT AND THE UNIFORM LIMITED PARTNERSHIP ACT OF 2001 Clarifying application to existing relationships, modifying the definition of notice for limited liability companies, clarifying a member requirement,[...]

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Relating to insurance, enacting and modifying the viatical settlement model act of the national association of insurance commissions; regulating viatical (life insurance) settlements; defining stranger originated life insurance (STOLI); requiring a provider or broker license; requiring agent licensing; providing for life insurance providers to meet licensing requirements under certain conditions; specifying application to commerce commissioner for agent licensing; specifying disclosure requirements; providing for commissioner investigation provisions; permitting legal entity licensing; requiring consent to service of process; specifying a duty to supplement information and requiring training; providing for license revocation and denial; providing for approval of viatical settlement contracts and disclosure statements; specifying reporting requirements and privacy provisions; providing for examinations and investigations;[...]

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Providing an income tax credit for costs incurred for the rehabilitation of certain certified historic structures; providing for a carryback and carryforward of tax liability; requiring pass through of credits granted to partnerships or limited liability companies (LLC) taxed as partnerships or multiple owners of property to the partners, members or owners, authorizing transfer, sale or assignment of the credits and use to offset income taxes imposed; requiring taxpayer application to the state historic preservation office of the Minnesota historical society before beginning the project, requiring the office to determine the amount of eligible rehabilitation costs, eligibility certificate issuance requirement and fee charging authority; authorizing the taxpayers to elect in lieu of the credit to receive a historic rehabilitation mortgage credit certificate, specifying terms and conditions, restricting transfer of the [...]

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