2007 Minnesota Code
Chapters 300 - 319B Corporations
Chapter 308B Cooperative Associations Act
Section 308B.475 OFFICERS.

308B.475 OFFICERS.
Subdivision 1. Required officers. (a) The board shall elect:
(1) a chair; and
(2) one or more vice chairs.
(b) The board shall elect or appoint:
(1) a records officer; and
(2) a financial officer.
(c) The officers, other than the chief executive officer, shall not have the authority to bind the
cooperative except as authorized by the board.
Subd. 2. Additional officers. The board may elect additional officers as the articles or
bylaws authorize or require.
Subd. 3. Records officer and financial officer may be combined. The offices of records
officer and financial officer may be combined.
Subd. 4. Officers that must be members. The chair and first vice chair shall be directors
and members. The financial officer, records officer, and additional officers need not be directors or
members.
Subd. 5. Chief executive officer. The board may employ a chief executive officer to
manage the day-to-day affairs and business of the cooperative, and if a chief executive officer
is employed, the chief executive officer shall have the authority to implement the functions,
duties, and obligations of the cooperative except as restricted by the board. The chief executive
officer shall not exercise authority reserved to the board or the members under this chapter,
the articles, or the bylaws.
History: 2003 c 105 art 1 s 37