Section 322B.653 Act of the Board of Governors
322B.653 ACT OF THE BOARD OF GOVERNORS.
The board of governors shall take action by the affirmative vote of the greater of (1) a majority of governors present at a duly held meeting at the time the action is taken, or (2) a majority of the minimum proportion or number of governors that would constitute a quorum for the transaction of business at the meeting, except where this chapter, the articles, or a member control agreement require the affirmative vote of a larger proportion or number. If the articles or a member control agreement require a larger proportion or number than is required by this chapter for a particular action, the articles or member control agreement control.
History:
1992 c 517 art 2 s 79; 1996 c 361 s 38; 1999 c 85 art 2 s 73