Unless otherwise provided in the Revised Corporation Code, the board of directors or trustees shall exercise the corporate powers, conduct all business, and control all properties of the corporation.
Term of office. Directors in stock corporations or members in nonstock corporations shall have a term of 1 year. Each director and trustee shall hold office until the successor is elected and qualified.
A director who ceases to own at least one (1) share of stock or a trustee who ceases to be a member of the corporation shall cease to be such.
Independent directors are required for corporations vested with public interest. [See Independent Directors under the Revised Corporation Code]
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