23B.08.070 - Resignation of directors.

Resignation of directors.

(1) A director may resign at any time by delivering notice in the form of an executed resignation to the board of directors, its chairperson, the president, or the secretary of the corporation.

     (2) A notice of resignation is effective when the resignation is delivered unless the resignation specifies a later effective date, or an effective date determined upon the happening of an event or events. A notice of resignation that is conditioned upon failing to receive a specified vote for election as a director may provide that it is irrevocable.

[2007 c 467 § 3; 2002 c 297 § 28; 1989 c 165 § 86.]