Definition:
The Board of Directors of a corporation is the group of individuals who are charged with running the corporation. The duties of the board of directors and officers of the corporation are set by the corporate bylaws but are also set by law, specifically by the laws of the state where the business is incorporated.
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Also Known As: Board of Trustees (for non-profit corporations), Board of Governors, Executive Board
Examples:
The Board of Directors declared a stock dividend every year.
