(1) As used in this section, "director" includes a trustee or other board member.
(2) Each independent corporation shall be governed by a board of directors.
(3) The authorizing statute of each independent corporation shall specify: (a) the process for appointing, removing, and replacing directors; (b) the number and terms of office for directors; (c) the board chair selection procedure; (d) board quorum requirements; (e) director qualifications; and (f) the duties and fiduciary responsibilities of directors.
(a) the process for appointing, removing, and replacing directors;
(b) the number and terms of office for directors;
(c) the board chair selection procedure;
(d) board quorum requirements;
(e) director qualifications; and
(f) the duties and fiduciary responsibilities of directors.
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