Qualifications of directors and officers--Restrictions on powers of lay directors and officers

The principal executive officer shall be a shareholder and a director and, to the extent possible, all other directors and principal officers shall be shareholders, and lay directors and officers shall not exercise any authority whatsoever over professional matters. Source: SL 1971, ch 260 , § 1 (6). 47-13B-8 to 47-13B-12. Repealed by SL 2005, ch 240 , § 10.