Sec. 108.05. Board of directors.
146 words·~1 min read·
/il/chapter-805/act-105/108-05A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 108.05. Board of directors.
(a)Each corporation shall have a board of directors, and except as provided in articles of incorporation, the affairs of the corporation shall be managed by or under the direction of the board of directors.
(b)A director need not be a resident of this State or a member of the corporation unless the articles of incorporation or bylaws so prescribe. The articles of incorporation or the bylaws may prescribe other qualifications for directors.
(c)Unless otherwise provided in the articles of incorporation or bylaws, the board of directors, by the affirmative vote of a majority of the directors then in office, shall have authority to establish reasonable compensation of all directors for services to the corporation as directors, officers or otherwise, notwithstanding the provisions of Section 108.60 of this Act.
(d)No director may act by proxy on any matter.