part VIII.  DIRECTORS AND OFFICERS

 

[§414D-131]  Requirement for and duties ofthe board.  (a)  Each corporation shall have a board of directors.

(b)  Except as provided in this chapter orsubsection (c), all corporate powers shall be exercised by or under theauthority of its board including the management of the corporation's affairs.

(c)  The articles may authorize a person orpersons to exercise some or all of the powers which would otherwise beexercised by a board.  To the extent so authorized, any such person or personsshall have the duties and responsibilities of the directors, and the directorsshall be relieved to that extent from such duties and responsibilities. [L2001, c 105, pt of §1]