(a) Any corporation by its bylaws may provide for an executive committee to be elected from and by its board of directors.(b) The management of the current and ordinary business of the corporation and such other duties as the bylaws may prescribe may be delegated to the committee, but the designation of the committee and the delegation thereto of authority shall not operate to relieve the board of directors, or any member thereof, of any responsibility imposed upon it or him or her by this subchapter.Acts 1937, No. 342, § 24; Pope's Dig., § 2338; A.S.A. 1947, § 77-1124.
Arkansas Legal Code