§ 17-30-501 — Board of directors

Wyoming § 17-30-501

• Jurisdiction: Wyoming
• Title 17: Corporations, Partnerships and Associations
• Ch. 30: WYOMING STATUTORY FOUNDATION ACT
• Art. 5: DIRECTORS AND PROTECTORS

Text

(a) A statutory foundation shall maintain a board of
directors.
(b) Unless the articles of formation or operating
agreement of a statutory foundation provide otherwise:
(i) The board of directors of the foundation shall
have the authority to exercise all powers of the foundation and
to manage foundation affairs;
(ii) The board of directors shall consist of one (1)
or more persons;
(iii) One (1) or more founders may be appointed as a
director; and
(iv) No director shall simultaneously serve as a
director and a protector for the same statutory foundation.
(c) A board of directors shall conduct the affairs of the
statutory foundation in accordance with the articles of
formation and operating agreement of the statutory foundation,
as well as this act and any other applicable provision of law.
(d) Each director shall act:
(i) In good faith; and
(ii) In a manner not opposed to the best interests of
the statutory foundation.
(e) An act of a director shall be retroactively valid
despite any defect that may be found in:
(i) The appointment of the director; or
(ii) The qualifications of the director.