47-10-11 Directors--Number and term of office.
Directors--Number and term of office.
The corporate powers of any business
development credit corporation shall be exercised by a board of directors. The number of directors
and their term of office shall be determined in a manner prescribed in the bylaws. At no time shall
there be less than five directors. The initial board of directors shall consist of the incorporators and
they shall serve until the first annual meeting.
Source: SL 1957, ch 314, § 4; SDC Supp 1960, § 55.6004.