§ 23-1-33-1 — Necessity of board of directors; powers

Indiana § 23-1-33-1

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 1: INDIANA BUSINESS CORPORATION LAW
• Ch. 33: Board of Directors Generally

Text

(a) Except as provided in subsection (c), each
corporation must have a board of directors.
(b) 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, its board of directors, subject to any limitation set forth in
the articles of incorporation.
(c) A corporation having fifty (50) or fewer shareholders may
dispense with the board of directors or limit the authority of the board
by describing in its articles of incorporation who will perform some or
all of the duties of the board of directors. If a corporation elects to
dispense with or limit the authority of the board of directors, any
reference to the board of directors by this article also includes those
persons described in the articles of incorporation who will perform the
duties of the board of directors.

Legislative History

As added by P.L.149-1986, SEC.17.