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80B.01.10

Statute ID: 5278

Statute Function ID: 20413

Corporate Takeovers-Definitions/Beneficial Owner

In Effect

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Details are only available for Penalty and Charging Statutes.

Statute Number:

80B.01.10

Enactment Date:

Jan 1, 1859

Effective Date:

Jan 1, 1859

Expiration Date:

Repealed?:

Summary Text:

Corporate Takeovers-Definitions/Beneficial Owner

Statute ID:

5278

Created:

Sep 1, 2006 by mnjis.legal.analyst@state.mn.us

Updated:

Sep 1, 2006 by mnjis.legal.analyst@state.mn.us

Last Update Action:

System

Legal Analyst Comment:

Summary Text:

Corporate Takeovers-Definitions/Beneficial Owner

Link to MN Statute Text:

https://www.revisor.leg.state.mn.us/stats/80B/01.html

Legislative Session:

0 - NA

Session Law Text?:

Statute text last updated on:

Sep 1, 2006

"Beneficial owner" includes, but is not limited to, any person who directly or indirectly through any contract, arrangement, understanding, relationship, or otherwise has or shares the power to vote or direct the voting of a security and/or the power to dispose of, or direct the disposition of, the security. "Beneficial ownership" includes, but is not limited to, the right, exercisable within 60 days, to acquire securities through the exercise of options, warrants, or rights or the conversion of convertible securities, or otherwise. The securities subject to these options, warrants, rights, or conversion privileges held by a person shall be deemed to be outstanding for the purpose of computing the percentage of outstanding securities of the class owned by this person, but shall not be deemed to be outstanding for the purpose of computing the percentage of the class owned by any other person. A person shall be deemed the beneficial owner of securities beneficially owned by any relative or spouse or relative of the spouse residing in the home of this person, any trust or estate in which this person owns ten percent or more of the total beneficial interest or serves as trustee or executor, any corporation or entity in which this person owns ten percent or more of the equity, and any affiliate or associate of this person.