Bill Text: MN HF3010 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Minnesota Vikings public ownership provided.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2012-04-23 - Introduction and first reading, referred to Government Operations and Elections [HF3010 Detail]
Download: Minnesota-2011-HF3010-Introduced.html
1.2providing for public ownership of the Minnesota Vikings.
1.3BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.4 Section 1. MINNESOTA VIKINGS, INC.
1.5 Subdivision 1. Establishment. (a) A nonprofit corporation to be operated
1.6exclusively for the purposes of this act and as contemplated by section 501(c)(3) of the
1.7United States Internal Revenue Code, is established and shall be known as Minnesota
1.8Vikings, Inc.
1.9(b) The corporation must be organized and operated exclusively for the benefit of,
1.10and to carry out the purposes of, Minnesota Vikings, Inc. The corporation shall adopt
1.11articles of incorporation and may solicit, receive, hold, invest, and contribute funds and
1.12property for the use and benefit of the corporation in a manner consistent with the public
1.13good and primarily for capital expenditures and other needs not funded by other means.
1.14(c) Except as otherwise provided in this section, the corporation is governed by
1.15Minnesota Statutes, chapter 317A.
1.16 Subd. 2. Executive committee. Minnesota Vikings, Inc. shall be governed by a
1.17seven-member executive committee, which shall be elected by the board of directors, as
1.18provided in subdivision 3. The executive committee consists of the following members: a
1.19president, vice president, treasurer, secretary, and three members-at-large. Members of the
1.20executive committee shall serve at the pleasure of the board of directors. The president
1.21shall be the only officer of the executive committee to draw compensation, however, all
1.22members of the executive committee may be reimbursed for reasonable expenditures.
1.23The committee shall direct corporate management, approve major capital expenditures,
1.24establish broad policy, and monitor management's performance in conducting the business
2.1and affairs of the corporation. The president shall serve as the representative of the
2.2corporation at NFL owner meetings and other league functions.
2.3 Subd. 3. Board of directors. A 45-member Minnesota Vikings Board of Directors
2.4is established as the owner of record of the Minnesota Vikings Football Club. The board
2.5shall meet annually, at a minimum, and must elect an executive committee, as provided in
2.6subdivision 2. Members of the board shall be appointed by the governor with the advice
2.7and consent of the senate. Members of the board serve without compensation. The board
2.8of directors shall determine and adopt the rules of its proceedings. The membership term
2.9for members appointed by the governor shall be one year. The removal of members, and
2.10filling of vacancies for members, for members appointed by the governor, shall be as
2.11provided in section 15.0575. Thereafter, the terms, removal, and filling of vacancies for
2.12members shall be as provided by rules adopted by the board.
2.13 Subd. 4. Acquisition; stock sale. Minnesota Vikings, Inc. shall acquire the
2.14Minnesota Vikings Football Club, from the current ownership, at a price to be agreed upon
2.15between the two parties. To raise money for the purchase of the Minnesota Vikings,
2.16Minnesota Vikings, Inc. shall offer at public sale, shares of stock, at a price and in a
2.17quantity necessary to raise sufficient proceeds to finance the purchase. Shares of stock
2.18issued by Minnesota Vikings, Inc. may not pay a dividend to owners of stock and may
2.19not appreciate in value. The redemption price of shares of stock issued by Minnesota
2.20Vikings, Inc. must be minimal. Stock ownership may not entitle the owner to season
2.21ticket privileges. Shares of stock provide the owner the right to attend and vote at an
2.22annual shareholders meeting. No single person may own more than five percent of the
2.23stock offered by Minnesota Vikings, Inc.
2.24 Subd. 5. Shareholders meeting; election of board. At the first annual shareholders
2.25meeting following the expiration of terms of members appointed by the governor, as
2.26provided in subdivision 3, the shareholders shall elect a board of directors. Members of
2.27the board of directors that were appointed by the governor are eligible to stand for election
2.28by the shareholders for membership to the board.
2.29EFFECTIVE DATE.This act is effective the day following final enactment.
1.3BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.4 Section 1. MINNESOTA VIKINGS, INC.
1.5 Subdivision 1. Establishment. (a) A nonprofit corporation to be operated
1.6exclusively for the purposes of this act and as contemplated by section 501(c)(3) of the
1.7United States Internal Revenue Code, is established and shall be known as Minnesota
1.8Vikings, Inc.
1.9(b) The corporation must be organized and operated exclusively for the benefit of,
1.10and to carry out the purposes of, Minnesota Vikings, Inc. The corporation shall adopt
1.11articles of incorporation and may solicit, receive, hold, invest, and contribute funds and
1.12property for the use and benefit of the corporation in a manner consistent with the public
1.13good and primarily for capital expenditures and other needs not funded by other means.
1.14(c) Except as otherwise provided in this section, the corporation is governed by
1.15Minnesota Statutes, chapter 317A.
1.16 Subd. 2. Executive committee. Minnesota Vikings, Inc. shall be governed by a
1.17seven-member executive committee, which shall be elected by the board of directors, as
1.18provided in subdivision 3. The executive committee consists of the following members: a
1.19president, vice president, treasurer, secretary, and three members-at-large. Members of the
1.20executive committee shall serve at the pleasure of the board of directors. The president
1.21shall be the only officer of the executive committee to draw compensation, however, all
1.22members of the executive committee may be reimbursed for reasonable expenditures.
1.23The committee shall direct corporate management, approve major capital expenditures,
1.24establish broad policy, and monitor management's performance in conducting the business
2.1and affairs of the corporation. The president shall serve as the representative of the
2.2corporation at NFL owner meetings and other league functions.
2.3 Subd. 3. Board of directors. A 45-member Minnesota Vikings Board of Directors
2.4is established as the owner of record of the Minnesota Vikings Football Club. The board
2.5shall meet annually, at a minimum, and must elect an executive committee, as provided in
2.6subdivision 2. Members of the board shall be appointed by the governor with the advice
2.7and consent of the senate. Members of the board serve without compensation. The board
2.8of directors shall determine and adopt the rules of its proceedings. The membership term
2.9for members appointed by the governor shall be one year. The removal of members, and
2.10filling of vacancies for members, for members appointed by the governor, shall be as
2.11provided in section 15.0575. Thereafter, the terms, removal, and filling of vacancies for
2.12members shall be as provided by rules adopted by the board.
2.13 Subd. 4. Acquisition; stock sale. Minnesota Vikings, Inc. shall acquire the
2.14Minnesota Vikings Football Club, from the current ownership, at a price to be agreed upon
2.15between the two parties. To raise money for the purchase of the Minnesota Vikings,
2.16Minnesota Vikings, Inc. shall offer at public sale, shares of stock, at a price and in a
2.17quantity necessary to raise sufficient proceeds to finance the purchase. Shares of stock
2.18issued by Minnesota Vikings, Inc. may not pay a dividend to owners of stock and may
2.19not appreciate in value. The redemption price of shares of stock issued by Minnesota
2.20Vikings, Inc. must be minimal. Stock ownership may not entitle the owner to season
2.21ticket privileges. Shares of stock provide the owner the right to attend and vote at an
2.22annual shareholders meeting. No single person may own more than five percent of the
2.23stock offered by Minnesota Vikings, Inc.
2.24 Subd. 5. Shareholders meeting; election of board. At the first annual shareholders
2.25meeting following the expiration of terms of members appointed by the governor, as
2.26provided in subdivision 3, the shareholders shall elect a board of directors. Members of
2.27the board of directors that were appointed by the governor are eligible to stand for election
2.28by the shareholders for membership to the board.
2.29EFFECTIVE DATE.This act is effective the day following final enactment.
