(a) Executive Board.— An executive board composed of citizens of the United States is the governing body of the corporation. The number, qualifications, and term of office of members of the board are as provided in the bylaws. A vacancy on the board shall be filled by a majority vote of the remaining members of the board.
(b) Quorum.— The bylaws may prescribe the number of members of the board necessary for a quorum. That number may be less than a majority of the entire board.
(1)The board, by resolution passed by a majority of the entire board, may designate 3 or more members of the board as an executive or governing committee. A majority of the committee is a quorum. The committee, to the extent provided in the resolution or bylaws, may—
(A)exercise the powers of the executive board in managing the activities of the corporation; and
(B)authorize the seal of the corporation to be affixed to papers that may require it.
(2)The board, by majority vote of the entire board, may appoint other standing committees. The standing committees may exercise powers as provided in the bylaws.
In subsection (a), the text of 36:25 (3d sentence) is omitted as executed and obsolete.
In subsection (c)(1)(A), the words “have and” are omitted as unnecessary. The word “activities” is substituted for “business affairs” for consistency in the revised title.
In subsection (c)(1)(B), the words “have power to” are omitted as unnecessary.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.
Description of Change
Statutes at Large
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