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§ 308B.941 Receiver Qualifications And Powers

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. Qualifications.

Any person qualified under section 576.26 may be appointed as a receiver. A receiver shall give a bond as required by section 576.27.

Subdivision 2. Powers.

A receiver may sue and defend all actions as receiver of the cooperative. The court appointing the receiver has exclusive jurisdiction over the cooperative, the receiver, and all receivership property pursuant to section 576.23.

History: 2003 c 105 art 1 s 79; 2012 c 143 art 3 s 13

Notes & interpretation Not part of the law

Verified against sources: October 15, 2026Last edited: October 16, 2026

In plain language#

  • Qualifications (subd. 1). Any person qualified under section 576.26 may be appointed receiver. The receiver gives a bond as required by section 576.27.
  • Powers (subd. 2). The receiver "may sue and defend all actions as receiver of the cooperative." The court that appoints the receiver has exclusive jurisdiction over the cooperative, the receiver and all receivership property under section 576.23.

How it works in practice#

  • This section works only through court-supervised or involuntary proceedings (§ 308B.935). It adds nothing about voluntary dissolution run by the board (§ 308B.905).
  • Section 576.26 requires record-based written conclusions on qualifications and independence, with listed considerations; nonresidence alone does not disqualify. Section 576.27 requires a court-directed bond with an authorized surety. Section 576.23 addresses the court's exclusive authority to direct the receiver and authority over receivership property. These checked cross-references do not replace the court's order or a full chapter 576 review.

Sources

  • P1 Minnesota Statutes, Chapter 308B (Cooperative Associations), Office of the Revisor of Statutes, State of Minnesota. revisor.mn.gov (primary; accessed October 15, 2026)

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