A Hennepin Minnesota Resolution of Directors of a Close Corporation Authorizing Redemption of Stock is a formal document that outlines the process and conditions under which a close corporation can redeem its stock. This resolution is typically adopted by the board of directors, and it serves as a legal framework for the redemption process. The resolution will usually include specific details regarding the redemption, such as the number of shares to be redeemed, the redemption price, and any restrictions or conditions for redemption. It may also specify the method of payment and the timeline for the redemption. In Hennepin County, Minnesota, there are different types of resolutions that can be used to authorize the redemption of stock in a close corporation. These may include: 1. Voluntary Redemption Resolution: This type of resolution is often used when a shareholder requests the corporation to redeem their stock. It specifies the terms and conditions, including the redemption price and any applicable fees or penalties. 2. Involuntary Redemption Resolution: This resolution is invoked when certain circumstances or events occur that require the corporation to redeem the stock of a shareholder. These circumstances may include a shareholder's violation of a shareholder agreement, a breach of fiduciary duty, or legal obligations of the corporation. 3. Partial Redemption Resolution: This type of resolution authorizes the redemption of only a portion of a shareholder's stock, as opposed to redeeming all of their shares. It may be used to accommodate partial liquidation requests or to address specific requirements outlined in a shareholder agreement. 4. Automatic Redemption Resolution: In some cases, the close corporation's articles of incorporation or shareholder agreement may contain provisions that require automatic redemption of stock under certain circumstances, such as the death or disability of a shareholder. These various types of resolutions provide a framework for implementing the redemption process, ensuring transparency, and protecting the interests of both the corporation and its shareholders. It is crucial for the directors to carefully consider and draft the resolution to comply with Hennepin County laws and regulations, as well as the corporation's own governing documents. Seeking legal advice in preparing and executing the resolution can also help ensure its validity and effectiveness.
Hennepin Minnesota Resolution of Directors of a Close Corporation Authorizing Redemption of Stock
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