81-9-53 - Bond of directors; compensation. - Mississippi Statutes

§ 81-9-53. Bond of directors; compensation.
 

Each director shall make bond, conditioned to perform faithfully his duties as director, payable to the corporation, with such surety or sureties as the chancellor may approve, and in such sum as the chancellor may, from time to time, direct, but in no case less than $2,000.00 for any one director. Such bonds shall serve generally the same purposes and be of the same general effect as a receiver's bond, and action upon such bonds may be brought by any party aggrieved. No action shall lie, however, against any director or upon any director's bond because of the exercise of any power recited in Section 81-9-61, excepting only instances of actual abuse of discretion. 
 

No director shall be entitled to compensation as such, but the chancellor, may, in his discretion, allow conservative compensation on a salary basis for designated period of time, in instances where an unreasonable amount of any director's time shall be required for the faithful performance of his duties. 
 

Sources: Codes, 1942, § 5267; Laws,  1934, ch. 146.