North Dakota, located in the Upper Midwest region of the United States, is a state known for its diverse landscapes, including the vast prairies of the Great Plains, the Badlands formations, and the mighty Missouri River. Being a neighboring state to Minnesota, it is essential to compare and analyze similar statutes related to business corporation acts in both states. In Minnesota, the Business Corporation Act is outlined in Chapter 302A of the Minnesota Statutes. Two specific sections, namely 302A.471 and 302A.473, focus on vital aspects of corporate governance and shareholder rights. These sections offer detailed provisions that shape the functioning and obligations of corporations. Section 302A.471 of the Minnesota Business Corporation Act primarily pertains to the appointment of directors within a corporation. It lays out the requirements, qualifications, and procedures for electing or removing directors, as well as the allocation of authority among them. This section also emphasizes the importance of directorial independence, conflict of interest regulations, and fiduciary duties towards shareholders. In North Dakota, the equivalent sections to 302A.471 and 302A.473 of the Minnesota Business Corporation Act are found in the North Dakota Century Code. North Dakota Century Code Section 10-19.1-70 addresses directorial appointments and related responsibilities within corporations registered in North Dakota. This section provides guidelines on the election, removal, and replacement of directors, focusing on compliance and procedural matters. Moving on to Section 302A.473, this segment of the Minnesota Business Corporation Act revolves around shareholder dissenters' rights. It delves into scenarios where shareholders oppose certain corporate actions, such as mergers, consolidations, or sales of substantially all corporate assets, and wish to exercise their right to dissent. The section delineates the process, requirements, and remedies available to dissenting shareholders, ensuring fair treatment in such situations. Similarly, North Dakota's corresponding statute, found in North Dakota Century Code Section 10-19.1-71, grants shareholders dissenters' rights. This section outlines the obligations and procedures that corporations must follow when dealing with dissenting shareholders, including notification, valuation of shares, and the options available to dissenting shareholders. In conclusion, North Dakota and Minnesota have their own versions of Sections 302A.471 and 302A.473 within their respective Business Corporation Acts. These sections play a crucial role in promoting transparency, accountability, and the protection of shareholder rights within corporate governance structures. Understanding the similarities and differences between these states' statutes is crucial for individuals or entities engaging in business transactions or corporate affairs in either North Dakota or Minnesota.
North Dakota Sections 302A.471 and 302A.473 of Minnesota Business Corporation Act
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(a) A shareholder shall not assert dissenters' rights as to less than all of the shares registered in the name of the shareholder, unless the shareholder dissents with respect to all the shares that are beneficially owned by another person but registered in the name of the shareholder and discloses the name and address ...
(a) A shareholder shall not assert dissenters' rights as to less than all of the shares registered in the name of the shareholder, unless the shareholder dissents with respect to all the shares that are beneficially owned by another person but registered in the name of the shareholder and discloses the name and address ...
A shareholder, beneficial owner, or holder of a voting trust certificate who has gained access under this section to any corporate record including the share register may not use or furnish to another for use the corporate record or a portion of the contents for any purpose other than a proper purpose.
In discharging the duties of the position of director, a director may, in considering the best interests of the corporation, consider the interests of the corporation's employees, customers, suppliers, and creditors, the economy of the state and nation, community and societal considerations, and the long-term as well ...
CHAPTER 461. REGULATING SALES OF TOBACCO; TOBACCO-RELATED AND ELECTRONIC DELIVERY DEVICES; AND NICOTINE AND LOBELIA PRODUCTS. MUNICIPAL LICENSE OF TOBACCO, TOBACCO-RELATED DEVICES, AND SIMILAR PRODUCTS. CIGARETTE LICENSE FEES, APPORTIONMENT.
When written action is permitted to be taken by less than all directors, all directors shall be notified immediately of its text and effective date. Failure to provide the notice does not invalidate the written action.
An action required or permitted to be taken at a board meeting may be taken by written action signed, or consented to by authenticated electronic communication, by all of the directors.
An action required or permitted to be taken at a meeting of the shareholders may be taken without a meeting by written action signed, or consented to by authenticated electronic communication, by all of the shareholders entitled to vote on that action.