§ 308B.715 Contribution Rights Agreements
Statute text
Extracted from the Revisor of Statutes; first captured here October 15, 2026. Formatting and whitespace are normalized. Extraction can contain errors; the linked official text controls.
Subdivision 1. Agreements permitted.
Subject to any restrictions in the articles or bylaws, a cooperative may enter into contribution rights agreements under the terms, provisions, and conditions fixed by the board.
Subdivision 2. Writing required and terms to be stated.
Any contribution rights agreement must be in writing and the writing must state in full, summarize, or include by reference all the agreement's terms, provisions, and conditions of the rights to make contributions.
Subdivision 3. Restrictions on assignment.
Unless otherwise provided in the articles or bylaws, a would-be contributor's rights under a contribution rights agreement may not be assigned, in whole or in part, to a person who was not a member at the time of the assignment, unless all the members approve the assignment by unanimous written consent.
History: 2003 c 105 art 1 s 63
Notes & interpretation Not part of the law
Verified against sources: October 15, 2026Last edited: October 15, 2026
In plain language#
A contribution rights agreement gives someone a right to make contributions to the cooperative in the future, on terms the board fixes. The agreement must be in writing and must state in full, summarize, or include by reference all the terms, provisions and conditions of the rights. It is subject to any restrictions in the articles or bylaws.
Unless the articles or bylaws say otherwise, rights under such an agreement cannot be assigned, in whole or in part, to a person who is not then a member, unless all the members approve in unanimous written consent.
How it works in practice#
Related#
Sources
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