1. (a) All business and affairs of a corporation, whether or not in the ordinary course, shall be managed by or under the direction of a board of directors.
2. (b) 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.

Added by Acts 1975, c. 311, § 2, eff. July 1, 1975. Amended by Acts 1976, c. 567, § 2; Acts 2016, c. 170, § 1, eff. Oct. 1, 2016; Acts 2016, c. 171, § 1, eff. Oct. 1, 2016.

Formerly Art. 23, § 52.