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This entry was published on 2014-09-22
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Executive committee and other committees
§ 7012. Executive committee and other committees. 1. If the
organization certificate or the by-laws so provide, the board, by
resolution adopted by a majority of the entire board, may designate from
among its members an executive committee consisting of at least five
directors in the case of banks, trust companies, stock-form savings
banks, and stock-form savings and loan associations and of at least
three directors in the case of other corporations, and other committees
each consisting of three or more directors, and each of which, to the
extent provided in the resolution or in the organization certificate or
by-laws, shall have all the authority of the board, except that no such
committee shall have authority as to the following matters:

(a) The submission to stockholders of any action that needs
stockholders' authorization under this chapter.

(b) The filling of vacancies in the board of directors or in any such

(c) The fixing of compensation of the directors for serving on the
board or on any committee.

(d) The amendment or repeal of the by-laws, or the adoption of new

(e) The amendment or repeal of any resolution of the board which by
its terms shall not be so amendable or repealable.

(f) The taking of action which is expressly required by any provision
of this chapter to be taken at a meeting of the board or by a specified
proportion of the directors.

The board may designate one or more directors as alternate members of
any such committee, who may replace any absent member or members at any
meeting of such committee.

2. The board may appoint or provide for such other committees
consisting of such directors, officers or other persons and having such
powers and functions in the management of the corporation as may be
provided in the by-laws or, to the extent not so provided, by the board.

3. Each such committee shall serve at the pleasure of the board. The
designation or appointment of, or making of provision for, any such
committee and the delegation thereto of authority shall not alone
relieve any director of his duty to the corporation under section seven
thousand fifteen of this article.