§ 2-401. Function of directors

Latest version.

(a) Management. -- The business and affairs of a corporation shall be managed under the direction of a board of directors.

(b) Power of board. -- All powers of the corporation may be exercised by or under authority of the board of directors except as conferred on or reserved to the stockholders by law or by the charter or bylaws of the corporation.

HISTORY: An. Code 1957, art. 23, § 52; 1975, ch. 311, § 2; 1976, ch. 567, § 2.

                    
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