§ 7-108-101 — Requirement for board of directors

(1) Except as otherwise
provided in its articles of incorporation, each corporation shall have a board of
directors.

(2) Subject to any provision stated in the articles of incorporation, all
corporate powers shall be exercised by or under the authority of, and the business
and affairs of the corporation managed under the direction of, the board of
directors or such other persons as the articles of incorporation provide shall have
the authority and perform the duties of a board of directors.

Legislative History

Source: L. 93: Entire article added, p. 778, � 1, effective July 1, 1994. L. 2003: (2) amended, p. 2319, � 238, effective July 1, 2004.