Title 15 — Commerce and Trade
Chapter 4 — China Trade
§ 151. Directors
Statutory text
The directors designated in the articles of incorporation shall, until their successors take office, direct the exercise of all powers of a China Trade Act corporation except such as are conferred upon the stockholders by law or by the articles of incorporation or bylaws of the corporation. Thereafter the directors elected in accordance with the bylaws of the corporation shall direct the exercise of all powers of the corporation except such as are so conferred upon the stockholders. In the exercise of such powers the directors may appoint and remove and fix the compensation of such officers and employees of the corporation as they deem advisable.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
China Trade Act, 1922
Pub. L. 67–346 § 11 · 42 Stat. 849
Enacted · 15 U.S.C. § 151
(Sept. 19, 1922, ch. 346, § 11, 42 Stat. 852.)
Source evidence
Code source credit
(Sept. 19, 1922, ch. 346, § 11, 42 Stat. 852.)Enacted provision · exact public law section
Sec. 11. directors. The directors designated in the articles of incorporation shall, until their successors take office, direct the exercise of all powers of a China Trade Act corporation except such as are conferred upon the stockholders by law or by the articles of incorporation or by-laws of the corporation. Thereafter the directors elected in accordance with the by-laws of the corporation shall direct the exercise of all powers of the corporation except such as are so con ferred upon the stockholders. In the exercise of such powers the directors may appoint and remove and fix the compensation of such officers and employees of the corporation as they deem advisable.
1 of 1 references resolved to an enrolled provision
Credits
(Sept. 19, 1922, ch. 346, § 11, 42 Stat. 852.)