Title XXIII CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS Chapter 351 • Effective - 28 Aug 1975 351.310. Board of directors, powers, qualifications, compensation. — The property and business of a corporation shall be controlled and managed by a board of directors. Qualifications of directors may be prescribed in the articles of incorporation, or in the bylaws. The compensation of the directors may be set by the board of directors unless otherwise provided in the articles of incorporation or the bylaws. -------- (RSMo 1939 § 5346, A.L. 1943 p. 410 § 36, A.L. 1965 p. 532, A.L. 1975 S.B. 14) Prior revisions: 1929 § 4941; 1919 § 10152; 1909 § 3347 CROSS REFERENCE: Representative actions by shareholders to enforce corporation's rights, RSMo 507.070 (1961) Where corporation whose sole asset was a fifty-six acre tract of land equipped as a golf and country club leased the same to another corporation which operated a country club, the renewal of the lease for a period of five years made by the board of directors was a valid exercise of the power vested in them and not a disposition of all of the corporate assets. Santa Fe Hills Golf and Country Club v. or a period of five years made by the board of directors was a valid exercise of the power vested in them and not a disposition of all of the corporate assets. Santa Fe Hills Golf and Country Club v. Safehi Realty Company (Mo.), 349 S.W.2d 27.
Missouri Legal Code