A corporation may, without a vote of the directors, advance money to its directors, officers, or employees to cover expenses that can reasonably be anticipated to be incurred by them in the performance of their duties and for which they would be entitled to reimbursement in the absence of an advance.
Minn. Stat. § 302A.505
ADVANCES.
Known as the Minnesota Business Corporation Act
The act spans §§ 302–302 (139 sections).
1981 c 270 s 83
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.