The directors may exercise all the powers of the corporation, except such as by law, by the articles of organization or by the by-laws of the corporation are conferred upon or reserved to the stockholders.
Mass. Gen. Laws ch. 156B, § 54
Powers of directors
Known as the Business Corporation Law
The act spans §§ 156–156 (126 sections).
Official source: Massachusetts Legislature. Reproduced from public-domain Massachusetts statutes; confirm against the official source for the current text. Not legal advice.