Minnesota Statutes 317A.141 – Effect of Amendment
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Subdivision 1.Effect on cause of action.
An amendment does not affect an existing cause of action in favor of or against the corporation, a pending suit to which the corporation is a party, nor the existing rights of persons other than members.
Subd. 2.Effect of change of name.
Terms Used In Minnesota Statutes 317A.141
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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.
Terms Used In Minnesota Statutes 317A.141
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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.
If the corporate name is changed by the amendment, a suit brought by or against the corporation under its former name does not abate for that reason.
Subd. 3.Effect of amendments restating articles.
When effective under section 317A.151, an amendment restating the articles in their entirety supersedes the original articles and amendments to the original articles.
Subd. 4.Effect of amendments on charitable trust assets.
Assets held by a corporation, including income or fees from services, are restricted to the uses and purposes for which the property was received and held.