Minnesota Statutes Business, Social, and Charitable Organizations (Ch. 300-323A) § 302A.361. Standard of conduct

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 who so performs those duties is not liable by reason of being or having been an officer of the corporation. 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 pursuant tosection 302A.351is deemed an officer for purposes of this section andsections 302A.467and302A.521.