2005 Minnesota Statutes

     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.