Section 7-108-101 - Requirement for board of directors(1) Except as otherwise provided in its articles of incorporation, each corporation shall have a board of directors.(2) Subject to any provision stated in the articles of incorporation, 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, the board of directors or such other persons as the articles of incorporation provide shall have the authority and perform the duties of a board of directors.L. 93: Entire article added, p. 778, § 1, effective 7/1/1994. L. 2003: (2) amended, p. 2319, § 238, effective 7/1/2004.