The board of directors shall consist of such number, not more than twenty-one, as must be determined in the first instance by the incorporators and thereafter annually by the members and the stockholders of the corporation. The board of directors may exercise all the powers of the corporation except those as are conferred by law or by the bylaws of the corporation upon the stockholders or members and shall choose and appoint all the agents and officers of the corporation and fill all vacancies except vacancies in the office of director, which must be filled as provided in Section 33-37-630. The board of directors must be elected as provided in Section 33-37-630.
HISTORY: 1962 Code Section 12-1162; 1958 (50) 1886; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.
Effect of Amendment
2015 Act No. 60, Section 1, substituted "must be determined" for "shall be determined", substituted "except those as are" for "except such as are", substituted "which must be filled" for "which shall be filled", substituted "must be elected" for "shall be elected", and twice substituted "Section" for a section symbol.
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