35-1-416. Requirement for and duties of board of directors. (1) Each corporation must have a board of directors.
     (2) Subject to any limitation set forth in the articles of incorporation, all corporate powers must be exercised by or under the authority of the board of directors, and the business and affairs of the corporation must be managed under the direction of its board of directors.

     History: En. Sec. 75, Ch. 368, L. 1991.