Minnesota § 317A.361 STANDARD OF CONDUCT

Minnesota Statutes

§ 317A.361 — STANDARD OF CONDUCT

Minnesota § 317A.361

PartBUSINESS, SOCIAL, AND CHARITABLE ORGANIZATIONS

Ch. 317ANONPROFIT CORPORATIONS

This text of Minnesota § 317A.361 (STANDARD OF CONDUCT) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 317A.361 (2026).

Text

Subdivision 1.Standard; liability.
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 exercising the principal functions of an office or to whom some or all of the duties and powers of an office are delegated under section317A.351is considered an officer for purposes of this section and sections317A.467and317A.521.

Subd. 2.Not considered trustee.
An officer is not considered to be a trustee with respect to the corporation or with respect to property held or administered by the corporation, including without limit, property that may be subject to restrictions imposed

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Subdivision 1.Standard; liability.
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 exercising the principal functions of an office or to whom some or all of the duties and powers of an office are delegated under section317A.351is considered an officer for purposes of this section and sections317A.467and317A.521.

Subd. 2.Not considered trustee.
An officer is not considered to be a trustee with respect to the corporation or with respect to property held or administered by the corporation, including without limit, property that may be subject to restrictions imposed by the donor or transferor of the property.