Requirement for and duties of board of directors
Known as the Virginia Nonstock Corporation Act
The act spans §§ 13–13 (183 sections).
Applied in 1 court decision — leading case Cooper v. Fowler (1987)
Most recently applied in Cooper v. Fowler (September 1987)
Code 1950, § 13.1-220; 1956, c. 428; 1983, c. 393; 1985, c. 522; 2007, c. 925.
A. Except as provided in an agreement authorized by § 13.1-852.1, each corporation shall 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 or in an agreement authorized by § 13.1-852.1.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.