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302A.207 Terms.

Unless fixed terms are provided for in the articles or bylaws, a director serves for an indefinite term that expires at the next regular meeting of the shareholders. A fixed term of a director shall not exceed five years. A director holds office for the term for which the director was elected and until a successor is elected and has qualified, or until the earlier death, resignation, removal, or disqualification of the director.

HIST: 1981 c 270 s 29; 1982 c 497 s 24

Official Publication of the State of Minnesota
Revisor of Statutes