10-3801. Requirement for and duties of board
114 words·~1 min read·
/az/title-10/10-3801A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Each corporation shall have a board of directors.
B. All corporate powers shall be exercised by or under the authority of and the affairs of the corporation shall be managed under the direction of its board of directors, subject to any limitation set forth in the articles of incorporation.
C. The articles of incorporation may authorize one or more members, delegates or other persons to exercise some or all of the powers which would otherwise be exercised by a board. To the extent so authorized the authorized person or persons shall have the duties and responsibilities of the directors, and the directors shall be relieved to that extent from those duties and responsibilities.