69-14-502. Organization of board of directors. (1) A majority of directors shall form a board and is competent to fill vacancies on the board, make bylaws, and transact all business of the corporation. The directors elected at any election shall, as soon as may be convenient, choose one of their number to be president and shall appoint a secretary and a treasurer of the corporation. The directors, before entering upon their duties, shall each take an oath or affirmation faithfully to discharge their duties. They may from time to time make dividends of the actual net profits of the corporation that they determine proper and shall hold their offices until their successors are elected and qualified.
     (2) A new election must be held annually for directors at a time and place that the stockholders at their first meeting determine or that the bylaws of the corporation may require.

     History: En. Sec. 7, p. 95, Ex. L. 1873; re-en. Sec. 305, 5th Div. Rev. Stat. 1879; re-en. Sec. 683, 5th Div. Comp. Stat. 1887; amd. Sec. 893, Civ. C. 1895; re-en. Sec. 4274, Rev. C. 1907; re-en. Sec. 6506, R.C.M. 1921; re-en. Sec. 6506, R.C.M. 1935; R.C.M. 1947, 72-204(part); amd. Sec. 2040, Ch. 56, L. 2009.