15 U.S.C. § 151
Section 151 · Directors
This is the Clayton Antitrust Act of 1914
Amended 1 time on record
Applied in 2 court decisions — leading case 743 F. Supp. 693 - America West Airlines, Inc. v. National Mediation Board (1990)
Most recently applied in Connecticut Ironworkers Employers Ass'n v. New England Regional Council of Carpenters (August 2017)
The directors designated in the articles of incorporation shall, until their successors take office, direct the exercise of all powers of a China Trade Act corporation except such as are conferred upon the stockholders by law or by the articles of incorporation or bylaws of the corporation. Thereafter the directors elected in accordance with the bylaws of the corporation shall direct the exercise of all powers of the corporation except such as are so conferred upon the stockholders. In the exercise of such powers the directors may appoint and remove and fix the compensation of such officers and employees of the corporation as they deem advisable.