Definition of the Board of Directors
Posted on November 5th, 2008
The board of directors is the governing body of an organization, charged with establishing policy and with taking steps to see that the policies are implemented. Except in small corporations or associations, the board typically does not involve itself in day-to-day business activities, those being more properly the role of the president. Many corporations have executive boards with true legal responsibilities, and advisory boards of largely ceremonial function designed to reward contributors, create strategic alliances, or gain expert insights into limited areas on an as-needed basis.
In the real estate context, a director who acts as a broker in real estate transactions involving corporate property cannot accept a commission unless the board specifically authorizes it, even if the president previously granted the approval and would otherwise have had such authority to hire a third party.
Lenders have legal limitations on the sizes of loans they can extend to their own directors. Large developers should consider this before accepting board positions.
The board of directors in a cooperative apartment enjoys tremendous power in the approval of new members and in decisions to evict current members.
The board of directors of a condominium association is charged with making sure the community always has adequate insurance. Because of the shared nature of ownership in the common areas, inadequate insurance could result in the imposition of liability on individual unit owners for an accident in a common area. Failure to maintain the proper level of insurance could subject board members to liability.
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