271B.8 -010 Requirement for and duties of board of directors. (1) Except as provided in subsection (3) of this section, each corporation shall have a board of directors. (2) All corporate powers shall be exercised by or under the authority of, and the business and affairs of the corporation managed under the direction of , its board of directors, subject to any limitation set forth in the articles of incorporation. (3) A corporation having fifty (50) or fewer shareholders may dispense with or limit the authority of a board of directors by describing in its articles of inco rporation who will perform some or all of the duties of a board of directors. Effective: January 1, 1989 History: Created 1988 Ky. Acts ch. 23, sec. 68, effective January 1, 1989.
Kentucky Legal Code