383B.905 Authority and duties of officers and directors.
Subdivision 1. In bylaws or by board. Officers and directors have the authority and duties in the management of the business of the corporation that the bylaws prescribe or, in the absence of such prescription, as the board determines.
Subd. 2. Ordinary prudent person standard. Officers and directors shall discharge their duties in good faith, in the manner the officer or director reasonably believes to be in the best interests of the corporation, and with the care an ordinary prudent person in a like position would exercise under similar circumstances.
Subd. 3. Not trustees. Officers and directors are not considered to be trustees with respect to the corporation or with respect to property held or administered by the corporation, including, without limit, property that may be subject to restrictions imposed by the donor or transferor of the property.
HIST: 2005 c 125 art 1 s 5
* NOTE: This section, as added by Laws 2005, chapter 125, *article 1, section 5, is effective when the initial board of the *corporation is appointed by the county board. Laws 2005, *chapter 125, article 1, section 29, as amended by Laws 2005, *First Special Session chapter 7, section 34.
Official Publication of the State of Minnesota
Revisor of Statutes