Bill Text: MN HF1930 | 2013-2014 | 88th Legislature | Introduced
Bill Title: Minnesota Orchestra community ownership process provided.
Spectrum: Partisan Bill (Democrat 10-0)
Status: (Introduced - Dead) 2014-02-25 - Introduction and first reading, referred to Government Operations [HF1930 Detail]
Download: Minnesota-2013-HF1930-Introduced.html
1.2relating to arts and cultural heritage; providing a process for community
1.3ownership of the Minnesota Orchestra;proposing coding for new law as
1.4Minnesota Statutes, chapter 4B.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. [4B.01] PURPOSE.
1.7The legislature determines that:
1.8(1) having a world-renowned orchestra is an important asset to the state of
1.9Minnesota, and ensuring that such a highly acclaimed orchestra is present in Minnesota
1.10is an important public purpose;
1.11(2) providing broad-based local ownership of an orchestra develops trust among
1.12patrons, taxpayers, and the orchestra's musicians and other staff, and helps ensure this
1.13important asset will retain its high level of accomplishment and renown;
1.14(3) providing community ownership of an orchestra ensures that the artistic benefits
1.15and any financial benefits will accrue to the community; and
1.16(4) enacting legislation providing for community ownership indicates to musicians
1.17continuing support for a world-renowned orchestra in Minnesota.
1.18 Sec. 2. [4B.02] ACQUISITION.
1.19(a) The governor must attempt to facilitate the formation of a corporation or other
1.20form of business organization to acquire the Minnesota Orchestra and to identify a private
1.21governing structure for the orchestra. The business organization formed to acquire the
1.22orchestra shall have a capital structure in compliance with the following provisions:
2.1(1) no individual or entity may own more than five percent of the common stock of
2.2the corporation; and
2.3(2) at least 50 percent of the ownership of the stock must be sold to members of the
2.4general public in a general solicitation through which no person or entity may own more
2.5than one percent of common stock of the corporation.
2.6(b) The governance documents of the business organization may provide for a class
2.7of preferred stock in addition to common stock, and may specify what rights accrue to
2.8each class of stock.
2.9(c) The governance documents of the business organization must ensure that artistic
2.10decisions are made only by persons employed to make those decisions, and not by the
2.11board of directors of the governing entity.
2.12 Sec. 3. EFFECTIVE DATE.
2.13Sections 1 and 2 are effective the day following final enactment.
1.3ownership of the Minnesota Orchestra;proposing coding for new law as
1.4Minnesota Statutes, chapter 4B.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. [4B.01] PURPOSE.
1.7The legislature determines that:
1.8(1) having a world-renowned orchestra is an important asset to the state of
1.9Minnesota, and ensuring that such a highly acclaimed orchestra is present in Minnesota
1.10is an important public purpose;
1.11(2) providing broad-based local ownership of an orchestra develops trust among
1.12patrons, taxpayers, and the orchestra's musicians and other staff, and helps ensure this
1.13important asset will retain its high level of accomplishment and renown;
1.14(3) providing community ownership of an orchestra ensures that the artistic benefits
1.15and any financial benefits will accrue to the community; and
1.16(4) enacting legislation providing for community ownership indicates to musicians
1.17continuing support for a world-renowned orchestra in Minnesota.
1.18 Sec. 2. [4B.02] ACQUISITION.
1.19(a) The governor must attempt to facilitate the formation of a corporation or other
1.20form of business organization to acquire the Minnesota Orchestra and to identify a private
1.21governing structure for the orchestra. The business organization formed to acquire the
1.22orchestra shall have a capital structure in compliance with the following provisions:
2.1(1) no individual or entity may own more than five percent of the common stock of
2.2the corporation; and
2.3(2) at least 50 percent of the ownership of the stock must be sold to members of the
2.4general public in a general solicitation through which no person or entity may own more
2.5than one percent of common stock of the corporation.
2.6(b) The governance documents of the business organization may provide for a class
2.7of preferred stock in addition to common stock, and may specify what rights accrue to
2.8each class of stock.
2.9(c) The governance documents of the business organization must ensure that artistic
2.10decisions are made only by persons employed to make those decisions, and not by the
2.11board of directors of the governing entity.
2.12 Sec. 3. EFFECTIVE DATE.
2.13Sections 1 and 2 are effective the day following final enactment.
