45-4-1110 - Directors. - Tennessee Statutes

45-4-1110. Directors.

(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.

(b)  Directors shall not be compensated for their services as directors, but may be reimbursed for reasonable expenses in connection with corporation business.

[Acts 1974, ch. 577, § 10; T.C.A., § 45-1844.]