Section 308A.401 Officers - Minnesota Statutes

308A.401 OFFICERS.

Subdivision 1.Required officers.

(a) The board shall elect:

(1) a president;

(2) one or more vice-presidents;

(3) a secretary; and

(4) a treasurer.

(b) The board may elect additional officers as the articles or bylaws authorize or require.

Subd. 2.Secretary and treasurer may be combined.

The offices of secretary and treasurer may be combined and if combined the person filling the office shall be termed secretary-treasurer.

Subd. 3.Chair and vice-chair.

If the bylaws provide, the board may elect directors as a chair and one or more vice-chairs.

Subd. 4.Officers that must be stockholders.

The president and vice-president must be directors and members unless the articles or bylaws provide for a chair and one or more vice-chairs and the articles or bylaws do not require otherwise. The treasurer, secretary, and additional officers need not be directors or members.

Subd. 5.Removal of officers.

Members may remove an officer at a members' meeting for cause related to the duties of the position of the officer and fill the vacancy caused by the removal.

History:

1989 c 144 art 1 s 24; art 3 s 18