Section 17-30-501 - Board of directors(a) A statutory foundation shall maintain a board of directors.(b) Unless the articles of formation or operating agreement of a statutory foundation provide otherwise: (i) The board of directors of the foundation shall have the authority to exercise all powers of the foundation and to manage foundation affairs;(ii) The board of directors shall consist of one (1) or more persons;(iii) One (1) or more founders may be appointed as a director; and(iv) No director shall simultaneously serve as a director and a protector for the same statutory foundation.(c) A board of directors shall conduct the affairs of the statutory foundation in accordance with the articles of formation and operating agreement of the statutory foundation, as well as this act and any other applicable provision of law.(d) Each director shall act: (ii) In a manner not opposed to the best interests of the statutory foundation.(e) An act of a director shall be retroactively valid despite any defect that may be found in: (i) The appointment of the director; or(ii) The qualifications of the director.Amended by Laws 2021 , ch. 98, § 1, eff. 4/5/2021.Added by Laws 2019 , ch. 190, § 1, eff. 7/1/2019.