§ 302A.225 — Vacancies
Plain-Language Summary
Sets rules for filling board vacancies caused by death, resignation, or removal.
302A.225 VACANCIES.
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.
History:
History: History:
1981 c 270 s 36