Directors

are persons appointed or elected according to law, authorised to manage and direct the affairs of a corporation, or company. The whole of the directors collectively form the board of directors. They are generally invested with certain powers by the acts of the legislature, to which they owe their existence. In modern corporations created by statutes, it is generally contemplated by the charter, that the business of the corporation shall be transacted exclusively by the di-, rectors. 2 Caines’s R. 381, and the acts of such a board, evidenced by a legal vote, are as completely binding upon the corporation, and as complete authority to their agents as the most solemn acts done under the corporate seal.

8 Wheat. R. 357, 6; Vide Dane’s Ab. h. t.