13-C M.R.S. §801: Requirement; duties of board of directors

1. Board of directors. Except as provided in section 743, a corporation must have a board of directors.

2. Corporate powers. All corporate powers must be exercised by or under the authority of, and the business and affairs of the corporation managed under the direction of, the corporation's board of directors, subject to any limitation set forth in an agreement authorized under section 743 or in the corporation's articles of incorporation.