§
Subdivision 1.Generally.
A resolution approved by the affirmative vote of a majority of the directors currently holding office may establish committees having the authority of the board in the management of the business of the corporation only to the extent provided in the resolution. Committees may include a special litigation committee consisting of one or more independent directors or other independent persons to consider legal rights or remedies of the corporation and whether those rights and remedies should be pursued. Committees other than special litigation committees and committees formed pursuant to section 302A.673, subdivision 1, paragraph (d), are subject at all times to the direction and control of the board.
§
Subd. 2.Membership.
Committee members shall be natural persons. Unless the articles or bylaws provide for a different membership or manner of appointment, a committee shall consist of one or more persons, who need not be directors, appointed by affirmative vote of a majority of the directors present.
§
Subd. 2a.Subcommittees.
Unless otherwise provided in the articles, the bylaws, or the resolution of the board establishing the committee, a committee may create one or more subcommittees, each consisting of one or more members of the committee, and may delegate to a subcommittee any or all of the authority of the committee. In this chapter, unless the language or context clearly indicates that a different meaning is intended, any reference to a committee is deemed to include a subcommittee, and any reference to a committee member is deemed to include a subcommittee member.
§
Subd. 4.Procedure.
Sections 302A.231 to 302A.239 apply to committees and members of committees to the same extent as those sections apply to the board and directors.
§
Subd. 5.Minutes.
Minutes, if any, of committee meetings shall be made available upon request to members of the committee and to any director.
§
Subd. 6.Standard of conduct.
The establishment of, delegation of authority to, and action by a committee does not alone constitute compliance by a director with the standard of conduct set forth in section 302A.251.
§
Subd. 7.Committee members deemed directors.
Committee members are deemed to be directors for purposes of sections 302A.251, 302A.255, and 302A.521.
Notes of Decisions
In Re UnitedHealth Grp. Inc. Shareholder Derivative Litig., 754 N.W.2d 544 (Minn. 2008).
· cites it 43× “" On July 19, 2006, UnitedHealth's board passed a resolution creating a two-member SLC under Minn.Stat. § 302A.241, subd. 1 (2006). [2] Both members of the SLC are former justices of this court.”
In re Medtronic, Inc. Derivative Litig., 68 F. Supp. 3d 1054 (D. Minnesota 2014).
· cites it 33× “” Minn.Stat. § 302A.241, subd. 1 (2014). The statute provides that an SLC may consist “of one or more independent directors or other independent persons .”
Janssen v. Best & Flanagan, 662 N.W.2d 876 (Minn. 2003).
· cites it 4× “" Minn. Stat. § 302A.241, subd. 1 (2002) (emphasis added).”
Charlotte Kokocinski v. Arthur D. Collins, Jr., 850 F.3d 354 (8th Cir. 2017).
· cites it 3× “” Minn. Stat. § 302A.241, subd. 1. In any event, we think the language also meets the standard articulated in Jans-sen — that the SLC’s role be more than advisory.”
Kococinski ex rel. Medtronic, Inc. v. Collins, 935 F. Supp. 2d 909 (D. Minnesota 2013).
· cites it 6× “241, subdivision 1, may allow a board with no disinterested members to appoint an independent nonboard member to serve on a special litigation committee. See 18 John H.”
Blohm v. Kelly, 765 N.W.2d 147 (Minn. Ct. App. 2009).
· cites it 4× “” Minn.Stat. § 302A.241, subd. 1 (2008); see also In re UnitedHealth Group, 754 N.”
Skoglund v. Brady, 541 N.W.2d 17 (Minn. Ct. App. 1995).
· cites it 4× “Special litigation committees are now governed under Minn.Stat. § 302A.241, subd. 1 (Supp.1993): A resolution approved by the affirmative vote of a majority of the board may establish committees having the authority of the board in the management of the business of the…”
Drilling v. Berman, 589 N.W.2d 503 (Minn. Ct. App. 1999).
· cites it 4× “In response to appellants’ action, Grand’s board appointed a special litigation committee pursuant to Minn.Stat. § 302A.241, subd. 1 (1996), to investigate appellants’ claims and determine whether or not they should be pursued.”
Int'l Broad. Corp. v. Turner, 734 F. Supp. 383 (D. Minnesota 1990).
· cites it 4× “Alternatively, IBC requests the court to stay the proceedings on defendants’ counterclaims pending determination of the viability of those claims by a special litigation committee which has been formed for that purpose pursuant to Minn.”
Finley v. Superior Court, 96 Cal. Rptr. 2d 128 (Cal. Ct. App. 2000).
· cites it 2× “13-A, § 632; Minn. Stat. Ann. § 302A.241; see also Drilling v.”
Tudor Oaks Ltd. P'ship v. Cochrane (In Re Cochrane), 273 B.R. 272 (Bankr. M.D. Fla. 2001).
“243 (1988) (repealed in 1989; current version at Minn.Stat. § 302A.241 (1992)). Whether a suit is properly initiated is an issue among the three Tudor Oaks partners who controlled ABIO.”
Annotations are extracted automatically from the opinions in the
Syfert caselaw corpus and ranked by authority, recency, and
treatment. Dots show Syfertize treatment of the citing case itself.