This bill seeks to amend various sections of Minnesota Statutes concerning the powers of corporations and limited liability companies (LLCs), specifically by revoking previously granted powers and prohibiting engagement in election activities. It introduces a new definition of "election activity," which encompasses campaign expenditures, contributions to political parties, and support for ballot questions. The legislation explicitly states that no corporation or LLC shall possess any power unless it is specifically granted by the new provisions or other statutes, thereby reinforcing the prohibition against engaging in election activities. Additionally, it revokes all powers previously granted to these entities related to election activities and clarifies that certain legal provisions regarding corporate actions do not apply to such activities.

The bill also outlines new powers and limitations for corporations and LLCs, allowing them to engage in specific financial activities, such as lending money and guaranteeing obligations, under certain conditions. It establishes that until an LLC has at least one member, it can only perform limited actions, such as filing necessary documents or admitting a member. Furthermore, the bill includes a nonrevival clause to ensure that if any provision is deemed invalid, no previous laws granting corporate powers will be reinstated without explicit legislative action. Overall, the legislation aims to streamline the legal framework governing corporations and LLCs while enhancing their operational flexibility within the bounds of the new restrictions on election-related activities.

Statutes affected:
Introduction: 302A.011, 302A.165, 317A.011, 317A.111, 317A.165, 322C.0102, 322C.0110