1. (1) The stockholders may exercise all powers of directors, and the business and affairs of the corporation shall be managed under their direction;
2. (2) The stockholders of the corporation are responsible for taking any action required by law to be taken by the board of directors;
3. (3) Action by stockholders shall be taken by the voting of shares of stock as provided in this article;
4. (4) The stockholders may take any action for which this article otherwise would require both a resolution of directors and a vote of stockholders;
5. (5) By the affirmative vote of a majority of all the votes entitled to be cast, the stockholders may take any action for which this article otherwise would require a vote of a majority of the entire board of directors;
6. (6) A statement that the corporation is a close corporation which has no board of directors satisfies any requirement that an instrument filed with the Department contain a statement that a specified action was taken by the board of directors;
7. (7) The special liabilities imposed on directors by § 2-312(a) of this article and the provisions of §§ 2-312(b) and 2-410 of this article apply to the stockholders of the corporation and, for this purpose, “present” in § 2-410 of this article means present in person or by proxy; and
8. (8) A stockholder is not liable for any action taken as a result of a vote of the stockholders, unless he was entitled to vote on the action.

If there is an election to have no board of directors:

Added by Acts 1975, c. 311, § 2, eff. July 1, 1975. Amended by Acts 1976, c. 567, § 2; Acts 1977, c. 529; Acts 1986, c. 5 § 1; Acts 1988, c. 280, § 1; Acts 1988, c. 281, § 1.

Formerly Art. 23, § 105.