In a corporation, a director is a person, appointed or elected by the shareholders to sit on the board of directors. Directors have authority to implement corporate policy, and act by voting to pass board resolutions. Directors act as agents and trustees for the corporation, and have the duty to act with care, loyalty and good will in all acts done on behalf of the corporation.
Definition from Nolo’s Plain-English Law Dictionary
A member of the governing board of a corporation, typically elected at an annual meeting of the shareholders. As a group, the directors are responsible for making important business decisions -- especially those that legally bind the corporation -- leaving day-to-day management to the corporation's officers and employees. For example, a decision to borrow money, lease an office, or buy real property would normally be authorized by the board of directors.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:14 pm