§706. Quorum and vote of directors
1.
Quorum fixed by bylaws.
A majority of the number of directors fixed by the bylaws, or in the absence of a bylaw fixing the number of directors, then of the number stated in the articles of incorporation, shall constitute a quorum for the transaction of business, unless otherwise provided in the articles of incorporation or the bylaws, but in no event shall a quorum consist of less than 1/5 of the number of directors so fixed or stated. The act of the majority of the directors present at a meeting at which a quorum is present shall be the act of the board of directors, unless the act of a greater number is required by this Act, the articles of incorporation or the bylaws.
[PL 1977, c. 525, §13 (NEW).]
2.
Special meetings.
Special meetings of the directors may be called by the chair of the board; by the president or, if the president is absent or is unable to act, by any vice-president; by any 2 directors; or by any other person or persons authorized by the bylaws.
[RR 2025, c. 2, Pt. B, §13 (COR).]
SECTION HISTORY
PL 1977, c. 525, §13 (NEW). RR 2025, c. 2, Pt. B, §13 (COR).