PART 8. DIRECTORS AND OFFICERS
SUBPART A. BOARD OF DIRECTORS
§1-801. Requirement for and functions of board of directors
A. Except as provided in R.S. 12:1-732, each corporation must have a board of directors.
B. All corporate powers shall be exercised by or under the authority of the board of directors of the corporation, and the business and affairs of the corporation shall be managed by or under the direction, and subject to the oversight, of its board of directors, subject to any limitation set forth in the articles of incorporation or in an agreement authorized under R.S. 12:1-732.
C. In the case of a public corporation, the board's oversight responsibilities include attention to all of the following:
(1) Business performance and plans.
(2) Major risks to which the corporation is or may be exposed.
(3) The performance and compensation of senior officers.
(4) Policies and practices to foster the corporation's compliance with law and ethical conduct.
(5) Preparation of the corporation's financial statements.
(6) The effectiveness of the corporation's internal controls.
(7) Arrangements for providing adequate and timely information to directors.
(8) The composition of the board and its committees, taking into account the important role of independent directors.
Acts 2014, No. 328, §1, eff. Jan. 1, 2015.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
