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.
Minn. Stat. § 302A.207
TERMS.
Known as the Minnesota Business Corporation Act
The act spans §§ 302–302 (139 sections).
1981 c 270 s 29; 1982 c 497 s 24
Official source: Minnesota Office of the Revisor of Statutes. Reproduced from public-domain Minnesota statutes; confirm against the official source for the current text. Not legal advice.