§ 8.01. Requirement for and duties of board of directors
(a) Except as provided in subsection (c) of this section, each corporation must have a board of directors.
(b) All corporate powers shall be exercised by or under the authority of, and the business and affairs of the corporation managed under the direction of, its board of directors, subject to any limitation set forth in the articles of incorporation.
(c) A close corporation may dispense with or limit the authority of a board of directors by describing in its articles of incorporation who will perform some or all of the duties of a board of directors, pursuant to section 20.09 of this title. (Added 1993, No. 85, § 2, eff. Jan. 1, 1994.)
Structure Vermont Statutes
Title 11A - Vermont Business Corporations
Chapter 8 - Directors and Officers
§ 8.01. Requirement for and duties of board of directors
§ 8.02. Qualifications of directors
§ 8.03. Number and election of directors
§ 8.04. Election of directors by certain classes of shareholders
§ 8.05. Terms of directors generally
§ 8.06. Staggered terms for directors
§ 8.07. Resignation of directors
§ 8.08. Removal of directors by shareholders
§ 8.09. Removal of directors by judicial proceeding
§ 8.11. Compensation of directors
§ 8.21. Action without meeting
§ 8.30. General standards for directors
§ 8.33. Liability for unlawful distributions; statute of limitations
§ 8.43. Resignation and removal of officers
§ 8.44. Contract rights of officers
§ 8.50. Subchapter definitions
§ 8.51. Authority to indemnify
§ 8.52. Mandatory indemnification
§ 8.54. Court-ordered indemnification
§ 8.55. Determination and authorization of indemnification
§ 8.56. Indemnification of officers, employees, and agents