The RMBCA states that "all corporate powers shall be exercised by or under the authority of, and the business and affairs of a corporation managed under the direction of, its":

Question

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The RMBCA, which stands for the Revised Model Business Corporation Act, explicitly states that "all corporate powers shall be exercised by or under the authority of, and the business and affairs of a corporation managed under the direction of, its board of directors." This means that the board of directors is the ultimate entity responsible for managing the operations of the corporation, including making decisions on behalf of the shareholders and overseeing the work of the officers. While the CEO and officers are important players in the day-to-day running of a corporation, it is the board of directors that holds the most power and responsibility. Therefore, choice A) is the best answer.

The RMBCA States That "All Corporate Powers Shall Be Exercised