116T.01 DEFINITIONS. For purposes of this chapter: (1) “board” means the Board of Directors of Northern Technology Initiative, Inc.; and (2) “corporation” means Northern Technology Initiative, Inc. History: 1Sp2001 c 10 art 2 s 53
116T.02 CORPORATION; MEMBERS; BOARD OF DIRECTORS; POWERS. Subdivision 1. Public corporation. Northern Technology Initiative, Inc. is 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 “Northern Technology Initiative, Inc.” Subd. […]
116T.03 CORPORATE PERSONNEL. Subdivision 1. Generally. The board shall appoint and set the compensation for the executive director who serves as chief executive officer of the corporation. The compensation of the executive director may not exceed 85 percent of the governor’s salary. The board may designate the executive director as its general agent. Subject to […]
116T.04 POWERS AND DUTIES OF CORPORATION. Subdivision 1. Powers and duties. (a) The corporation has the powers granted to a nonprofit corporation by section 317A.161, except as otherwise provided in this chapter. (b) Except as specified in section 116T.02, subdivision 10, the state is not liable for the obligations of the corporation. (c) Section 317A.161 […]
116T.05 AUDITS. The corporation is subject to the auditing requirements of sections 3.971 and 3.972. History: 1Sp2001 c 10 art 2 s 57
116T.06 DISSOLUTION. In the event of dissolution of the corporation for any reason, the bylaws must provide for return of the proceeds of that liquidation and any wholly owned assets of the corporation to the entities participating in Northern Technology Initiative, Inc. in exchange for the assumption of all outstanding obligations of the corporation. History: […]
