Subdivision 1.Bylaws, rules, seal.

The corporation may adopt bylaws and rules of procedure and may adopt an official seal.

Subd. 2.Officers.

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Terms Used In Minnesota Statutes 469.42

  • Chair: includes chairman, chairwoman, and chairperson. See Minnesota Statutes 645.44
  • 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.
  • seal: includes an impression thereof upon the paper alone, as well as an impression on a wafer, wax, or other substance thereto attached. See Minnesota Statutes 645.44

The corporation must annually elect a treasurer. The chair must appoint a secretary and assistant treasurer. The secretary and assistant treasurer need not, but may, be members of the board.

Subd. 3.Duties and powers.

The officers have the usual duties and powers of their offices. They may be given other duties and powers by the corporation. The corporation must establish and maintain a website.

Subd. 4.Treasurer’s duties.

The treasurer:

(1) must receive and is responsible for corporation money;

(2) is responsible for the acts of the assistant treasurer;

(3) must disburse corporation money by check or electronic procedures;

(4) must keep an account of the source of all receipts, and of the nature, purpose, and authority of all disbursements; and

(5) must file the corporation’s detailed financial statement with its secretary at least once a year at times set by the authority.

Subd. 5.Secretary.

The secretary must perform duties as required by the board.

Subd. 6.Assistant treasurer.

The assistant treasurer has the powers and duties of the treasurer if the treasurer is absent or disabled.