Washington Code 23B.08.010 – Requirement for and duties of board of directors
Current as of: 2023 | Check for updates
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(1) Each corporation must have a board of directors, except that a corporation may dispense with or limit the authority of its board of directors by describing in its articles of incorporation, or in a shareholders’ agreement authorized by RCW 23B.07.320, who will perform some or all of the duties of the board of directors.
Terms Used In Washington Code 23B.08.010
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(2) Subject to any limitation set forth in this title, the articles of incorporation, or a shareholders’ agreement authorized by RCW 23B.07.320:
(a) All corporate powers shall be exercised by or under the authority of the corporation’s board of directors; and
(b) The business and affairs of the corporation shall be managed under the direction of its board of directors, which shall have exclusive authority as to substantive decisions concerning management of the corporation’s business.