Contribution

Subject to the chapter and the articles or bylaws, a cooperative may accept contributions only when authorized by the board § 308B.701, subd. 1 ^P1. A contribution may be money, an ownership interest in property, services to or for the cooperative, or a signed written obligation to provide them. It counts only if the board accepts it, describes it including any future-performance terms, states its accorded value, and the contribution and value are reflected in the required records § 308B.701, subds. 2 and 3 ^P1. Acceptance of a contribution is distinct from issuance of a membership interest: section 308B.601, subdivision 2, says an interest may not be issued until its subscription price is paid in money or property, with the property's value approved by the board § 308B.601 ^P1.

See Contribution agreement and Raise member equity and capital.