(805 ILCS 5/8.05) (from Ch. 32, par. 8.05)
Sec. 8.05.
Board of directors.
(a) Except as provided in Article 2A of
this Act, each corporation
shall have a board of directors and the
business and affairs of the corporation shall be managed by or under the
direction of the board of directors.
(b) The articles of incorporation or by-laws may prescribe qualifications
for directors. A director need not be a resident of this State or a
shareholder
of the corporation unless the articles of incorporation or by-laws so
prescribe.
(c) Unless otherwise provided in the articles of incorporation
or by-laws, the board of directors, by the affirmative vote of a majority
of the directors then in office, and irrespective of any personal interest
of any of its members, shall have authority to establish reasonable
compensation of all directors for services to the corporation as directors,
officers or otherwise, notwithstanding the provisions of Section 8.60.
(Source: P.A. 88-151.)
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