posted Jul 10, 2012, 5:03 AM by Kingsley Martin
The Board of Directors clause in charter documents vests management authority in the board, defines the number directors, and identifies the member of the initial board, The clause has the following common and optional elements;
- Common Elements
- Vesting of authority in the Board;
- Number of Directors
- Name of the Initial Directors (and optionally different classes of directors)
- Optional Elements
- Procedures for filing vacancies
- Procedures for removing directors
- Procedures for nominations of new directors
- Voting Rights
- Less Frequent Elements
- Qualification of directors
- Meetings
- Powers
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