Section 116O.01 — Citation.

116O.01 CITATION. Sections 116O.01 to 116O.061 may be cited as the “Enterprise Minnesota, Inc. Act.” History: 1987 c 386 art 2 s 1; 1991 c 322 s 19; 2008 c 290 s 1

Section 116O.011 — Name Change.

116O.011 NAME CHANGE. Minnesota Technology, Inc., formerly known as the Greater Minnesota Corporation, is renamed Enterprise Minnesota, Inc. History: 1991 c 322 s 1; 2008 c 290 s 2

Section 116O.02 — Definitions.

116O.02 DEFINITIONS. Subdivision 1. Applicability. The definitions in this section apply to sections 116O.01 to 116O.15. Subd. 1a. Account. “Account” means the Minnesota technology account. Subd. 2. Board. “Board” means the board of directors of Enterprise Minnesota, Inc. Subd. 3. Corporation. “Corporation” means Enterprise Minnesota, Inc. Subd. 4. [Renumbered subd 1a] Subd. 5. Greater Minnesota. […]

Section 116O.03 — Corporation; Board Of Directors; Powers.

116O.03 CORPORATION; BOARD OF DIRECTORS; POWERS. Subdivision 1. Establishment. Enterprise Minnesota, Inc. is established as a public corporation of the state and is not subject to the laws governing a state agency except as provided in this chapter. The business of the corporation must be conducted under the name “Enterprise Minnesota, Inc.” Subd. 1a. Purpose. […]

Section 116O.04 — Corporate Personnel.

116O.04 CORPORATE PERSONNEL. Subdivision 1. Generally. The board shall appoint and set the compensation for a president, who serves as chief executive officer of the corporation, and who may appoint subordinate officers. The board may designate the president as its general agent. Subject to the control of the board, the president shall employ employees, consultants, […]

Section 116O.05 — Powers Of Corporation.

116O.05 POWERS OF CORPORATION. Subdivision 1. General corporate powers. (a) The corporation has the powers granted to a business corporation by section 302A.161, subdivisions 3; 4; 5; 7; 8; 9; 11; 12; 13, except that the corporation may not act as a general partner in any partnership; 14; 15; 16; 17; 18; and 22. (b) […]

Section 116O.061 — Financial Assistance.

116O.061 FINANCIAL ASSISTANCE. (a) Financial assistance may be provided to sole proprietorships, corporations, other entities, or nonprofit organizations. Financial assistance includes, but is not limited to, assisting a qualified company or organization with business services and products that will enhance the operations of the entity. (b) Preference and priority will be given to business entities […]

Section 116O.115 — Small Business Growth Acceleration Program.

116O.115 SMALL BUSINESS GROWTH ACCELERATION PROGRAM. Subdivision 1. Establishment; purpose. The small business growth acceleration program is established. The purpose of the program is to (1) help qualified companies implement technology and business improvements; and (2) bridge the gap between standard market pricing for technology and business improvements and what qualified companies can afford to […]

Section 116O.14 — Audits.

116O.14 AUDITS. The corporation board shall contract with a certified public accounting firm to do a financial and compliance audit of the corporation and any subsidiary annually in accordance with generally accepted accounting standards. A copy of this audit must be submitted to the chairs of the senate Finance and Economic Development and Housing Committees, […]

Section 116O.15 — Annual Report.

116O.15 ANNUAL REPORT. The board shall submit a report to the chairs of the senate Economic Development and Housing and the house of representatives Economic Development Committees of the legislature and the governor on the activities of the corporation by February 1 of each year. A copy of the report shall also be provided to […]

Section 116O.20 — Dissolution.

116O.20 DISSOLUTION. In the event of dissolution of Enterprise Minnesota, Inc. for any reason, the state of Minnesota, upon action by the governor, and after consultation with the Legislative Advisory Commission, may require the liquidation of all holdings and investments and the return of the proceeds of that liquidation and any wholly owned assets of […]