(a) The corporation‘s business shall be conducted by the incorporators who shall serve until the organizational meeting of the corporation, at which time directors shall be elected by the members of the corporation in accordance with the bylaws. Thereafter, the corporation’s business shall be conducted by the directors.

Terms Used In Tennessee Code 45-4-1110

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(b) Directors shall not be compensated for their services as directors, but may be reimbursed for reasonable expenses in connection with corporation business.
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