Illinois Sections 302A.471 and 302A.473 of Minnesota Business Corporation Act

• Category: Corporations - Public - Liquidation and Dissolution
• State: Multi-State
• Control #: US-CC-9-126
• Format: Word; Rich Text

Description

These Sections 302A.471 and 302A.473 of Minnesota Business Corporation Act relate to corporate activity in Minnesota. Illinois Sections 302A.471 and 302A.473 of the Minnesota Business Corporation Act pertain to specific provisions regarding share exchanges and disposition of assets by a business corporation. While these sections are part of the Minnesota Business Corporation Act, it is important to note that they do not directly correspond to Illinois law. Instead, these provisions are specific to the state of Minnesota. However, below we provide a general understanding of the provisions as well as Illinois counterparts that may be relevant. In Minnesota, Section 302A.471 deals with the process and regulations governing share exchanges conducted by a corporation. A share exchange refers to an arrangement where a corporation acquires all or part of the shares of another corporation and issues its own shares in exchange. This section outlines the requirements, procedures, and necessary authorizations for a corporation to engage in a share exchange. It covers aspects such as the approval of the shareholders, the appraisal rights, the determination of the exchange ratio, among others. Similarly, Section 302A.473 addresses the disposition of assets by a Minnesota business corporation. It provides guidelines and regulations for corporations looking to sell or transfer their assets, either wholly or partially, to another entity. The section outlines the procedures for obtaining shareholder approval, the required disclosures, the valuation of assets, and the protection of dissenting shareholder rights. While these sections pertain specifically to Minnesota, it is worth noting that Illinois has its own set of statutes governing similar transactions. The Illinois Business Corporation Act, for example, offers provisions that regulate share exchanges under Section 11.60 and disposition of assets under Section 12.55. These sections mirror the purpose and intent of Minnesota's Sections 302A.471 and 302A.473 but within the context of Illinois law. In summary, Illinois Sections 302A.471 and 302A.473 are specific provisions of the Minnesota Business Corporation Act that regulate share exchanges and disposition of assets by business corporations. However, when dealing with similar transactions in Illinois, it is necessary to refer to the corresponding sections of the Illinois Business Corporation Act (Sections 11.60 and 12.55) to ensure compliance with the appropriate laws and regulations.

Illinois Sections 302A.471 and 302A.473 of the Minnesota Business Corporation Act pertain to specific provisions regarding share exchanges and disposition of assets by a business corporation. While these sections are part of the Minnesota Business Corporation Act, it is important to note that they do not directly correspond to Illinois law. Instead, these provisions are specific to the state of Minnesota. However, below we provide a general understanding of the provisions as well as Illinois counterparts that may be relevant. In Minnesota, Section 302A.471 deals with the process and regulations governing share exchanges conducted by a corporation. A share exchange refers to an arrangement where a corporation acquires all or part of the shares of another corporation and issues its own shares in exchange. This section outlines the requirements, procedures, and necessary authorizations for a corporation to engage in a share exchange. It covers aspects such as the approval of the shareholders, the appraisal rights, the determination of the exchange ratio, among others. Similarly, Section 302A.473 addresses the disposition of assets by a Minnesota business corporation. It provides guidelines and regulations for corporations looking to sell or transfer their assets, either wholly or partially, to another entity. The section outlines the procedures for obtaining shareholder approval, the required disclosures, the valuation of assets, and the protection of dissenting shareholder rights. While these sections pertain specifically to Minnesota, it is worth noting that Illinois has its own set of statutes governing similar transactions. The Illinois Business Corporation Act, for example, offers provisions that regulate share exchanges under Section 11.60 and disposition of assets under Section 12.55. These sections mirror the purpose and intent of Minnesota's Sections 302A.471 and 302A.473 but within the context of Illinois law. In summary, Illinois Sections 302A.471 and 302A.473 are specific provisions of the Minnesota Business Corporation Act that regulate share exchanges and disposition of assets by business corporations. However, when dealing with similar transactions in Illinois, it is necessary to refer to the corresponding sections of the Illinois Business Corporation Act (Sections 11.60 and 12.55) to ensure compliance with the appropriate laws and regulations.