63E-2-105. Boards.
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63E-2-105. Boards.
(1)As used in this section, "director" includes a trustee or other board member.
(2)Each independent corporation shall be governed by a board of directors.
(3)The authorizing statute of each independent corporation shall specify:
(a)the process for appointing, removing, and replacing directors;
(b)the number and terms of office for directors;
(c)the board chair selection procedure;
(d)board quorum requirements;
(e)director qualifications; and
(f)the duties and fiduciary responsibilities of directors.
Enacted by Chapter 201 , 2001 General Session