1. (a) As between himself and the corporation, an officer or agent of the corporation has the authority and shall perform the duties in the management of the assets and affairs of the corporation as:

   1. (1) Provided in the bylaws; and
   2. (2) Determined from time to time by resolution of the board of directors not inconsistent with the bylaws.
2. (b) The rights of any third party are not affected or impaired by any bylaw or resolution referred to in subsection (a) of this section unless the third party has knowledge of the bylaw or resolution.

Added by Acts 1975, c. 311, § 2, eff. July 1, 1975.

Formerly Art. 23, § 60.