LAPS PS module fails to import

Question

On a Windows Small Business Server 2011 Essentials server, elevated PowerShell command Import-Module AdmPwd.PS failed and outputted the following:

Import-Module : Could not load file or assembly 'file:///C:\Windows\system32\WindowsPowerShell\v1.0\Modules\AdmPwd.PS\AdmPwd.PS.dll' or one of its dependencies. This assembly is built by a runtime newer than the currently loaded runtime and cannot be loaded.
At line:1 char:14
+ Import-Module <<<<  AdmPwd.PS
    + CategoryInfo          : NotSpecified: (:) [Import-Module], BadImageFormatException
    + FullyQualifiedErrorId : System.BadImageFormatException,Microsoft.PowerShell.Commands.ImportModuleCommand

PowerShell command Get-ExecutionPolicy outputted RemoteSigned, which, as far as I'm aware, is sufficient but PowerShell command Set-ExecutionPolicy -ExecutionPolicy Unrestricted -Force didn't resolve the problem anyway.

https://social.technet.microsoft.com/Forums/Windows/en-US/fa0b7074-571d-4d84-b3b1-b214443b81b0/laps-importmodule-admpwdps-fail?forum=winserverpowershell and https://flamingkeys.com/deploying-the-local-administrator-password-solution-part-2/ suggested that upgrading the installation of Windows Management Framework / PowerShell would resolve the problem.

PowerShell command $PSVersionTable.PSVersion outputted the following:

Major Minor Build Revision
----- ----- ----- --------
2 0 -1 -1

https://www.microsoft.com/en-us/download/details.aspx?id=46899 says:

Supported Operating System
Windows 10 , Windows 7, Windows 8, Windows 8.1, Windows Server 2003, Windows Server 2008, Windows Server 2008 R2, Windows Server 2012, Windows Server 2012 R2, Windows Server 2016, Windows Vista

Active Directory: (requires AD schema extension)
• Windows 2003 SP1 or later.
Managed machines:
• Windows Server 2003 SP2 or later, or Windows Server 2003 x64 Edition SP2 or later.
Note: Itanium-based machines are not supported.
Management tools:
• .NET Framework 4.0
• PowerShell 2.0 or later

https://community.spiceworks.com/topic/1970987-sbs-2011-and-powershell-v3 and https://blogs.technet.microsoft.com/sbs/2012/12/15/windows-management-framework-3-0-applicability-on-windows-small-business-server-20082011-standard/ strongly suggest that there are compatibility issues with Windows SBS 2011 and PowerShell 3.

Solution

https://tridion.stackexchange.com/questions/4497/import-module-could-not-load-file-or-assembly-when-running-2013-sp1-db-upgra and https://code.msdn.microsoft.com/windowsdesktop/Solution-for-management-of-ae44e789/view/Discussions/12 suggested that this problem (1) was caused by the PowerShell module being compiled for .NET Framework version 4 but, by default, PowerShell only loads .NET Framework version 2 and (2) could be resolved by creating file C:\Windows\System32\WindowsPowerShell\v1.0\powershell.exe.config with content:

<?xml version="1.0"?>
<configuration>
    <startup useLegacyV2RuntimeActivationPolicy="true">
        <supportedRuntime version="v4.0.30319"/>
        <supportedRuntime version="v2.0.50727"/>
        <supportedRuntime version="v4.6" />    
    </startup>
</configuration>

I verified that this resolved the problem.