Minnesota Statutes 302A.682 – Conversion
Subdivision 1.Conversion requirements.
Pursuant to this section, sections 302A.684 to 302A.692, and a plan of conversion, another organization may convert to a domestic corporation, and a domestic corporation may convert to another organization if:
Terms Used In Minnesota Statutes 302A.682
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
- Statute: A law passed by a legislature.
(1) the other organization’s governing statute authorizes the conversion;
(2) the conversion is not prohibited by other law of this state or the law of the jurisdiction that enacted the other organization’s governing statute; and
(3) the other organization complies with its governing statute in effecting the conversion.
Subd. 2.Contents of plan of conversion.
A plan of conversion must include:
(1) the name and form of the organization and the jurisdiction of the organization’s governing statute before conversion;
(2) the name and form of the organization and the jurisdiction of the organization’s governing statute after conversion;
(3) the terms and conditions of the conversion, including the manner and basis for converting interests in the converting organization into any combination of money, interests in the converted organization, and other consideration; and
(4) the organizational documents of the converted organization as they are to be in effect upon completion of the conversion.