Minnesota Statutes 238.083 – Sale or Transfer of Franchise
Subdivision 1.Fundamental corporate change defined.
For purposes of this section, “fundamental corporate change” means the sale or transfer of a majority of a corporation‘s assets; merger, including a parent and its subsidiary corporation; consolidation; or creation of a subsidiary corporation.
Subd. 2.Written approval of franchising authority.
Terms Used In Minnesota Statutes 238.083
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Franchise: means any authorization granted by a municipality in the form of a franchise, privilege, permit, license or other municipal authorization to construct, operate, maintain, or manage a cable communications system in any municipality. See Minnesota Statutes 238.02
- Majority: means with respect to an individual the period of time after the individual reaches the age of 18. See Minnesota Statutes 645.451
Terms Used In Minnesota Statutes 238.083
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Franchise: means any authorization granted by a municipality in the form of a franchise, privilege, permit, license or other municipal authorization to construct, operate, maintain, or manage a cable communications system in any municipality. See Minnesota Statutes 238.02
- Majority: means with respect to an individual the period of time after the individual reaches the age of 18. See Minnesota Statutes 645.451
A sale or transfer of a franchise, including a sale or transfer by means of a fundamental corporate change, requires the written approval of the franchising authority. The parties to the sale or transfer of a franchise shall make a written request to the franchising authority for its approval of the sale or transfer.
Subd. 3.
[Repealed, 2004 c 261 art 7 s 29]
Subd. 4.Approval or denial of transfer request.
The franchising authority shall approve or deny in writing the sale or transfer request. The approval must not be unreasonably withheld.
Subd. 5.
[Repealed, 2004 c 261 art 7 s 29]
Subd. 6.Transfer of stock; controlling interest defined.
Sale or transfer of stock in a corporation so as to create a new controlling interest in a cable communication system is subject to the requirements of this section.
The term “controlling interest” as used herein is not limited to majority stock ownership, but includes actual working control in whatever manner exercised.