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Minn. Stat. § 302A.225

VACANCIES.

Known as the Minnesota Business Corporation Act

The act spans §§ 302–302 (139 sections).

Applied in 1 court decision — leading case Isaacs v. American Iron & Steel Co. (2004)

Most recently applied in Isaacs v. American Iron & Steel Co. (December 2004)

1981 c 270 s 36

Unless different rules for filling vacancies are provided for in the articles or bylaws:

(a)(1) Vacancies on the board resulting from the death, resignation, removal, or disqualification of a director may be filled by the affirmative vote of a majority of the remaining directors, even though less than a quorum; and

(2) Vacancies on the board resulting from newly created directorships may be filled by the affirmative vote of a majority of the directors serving at the time of the increase; and

(b) Each director elected under this section to fill a vacancy holds office until a qualified successor is elected by the shareholders at the next regular or special meeting of the shareholders.

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.