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2018 Minnesota Statutes
Chapters 300 - 323A — BUSINESS, SOCIAL, AND CHARITABLE ORGANIZATIONS
Chapter 302A — BUSINESS CORPORATIONS
Section 302A.361 — STANDARD OF CONDUCT.
Universal Citation: MN Stat § 302A.361 (2018)
302A.361 STANDARD OF CONDUCT.
An officer shall discharge the duties of an office in good faith, in a manner the officer reasonably believes to be in the best interests of the corporation, and with the care an ordinarily prudent person in a like position would exercise under similar circumstances. A person who so performs those duties is not liable by reason of being or having been an officer of the corporation. A person exercising the principal functions of an office or to whom some or all of the duties and powers of an office are delegated pursuant to section 302A.351 is deemed an officer for purposes of this section and sections 302A.467 and 302A.521.
History: 1981 c 270 s 54; 2014 c 170 s 10
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