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A. Except as provided in an agreement authorized by § 13.1-671.1 , each corporation shall have a board of directors. B. All corporate powers shall be exercised by or under the authority of the board of directors, and the business and affairs of the corporation managed under the direction, and subject to the oversight, of the board of directors, subject to any limitation set forth in the articles of incorporation permitted by subdivision B 3 of § 13.1-671.1 or in an agreement authorized under § 13.1-671.1 . Code 1950, § 13.1-35; 1956, c. 428; 1985, c. 522; 1990, c. 337; 2005, c. 13.1-671.1 ; 2019, c. 13.1-671.1 .
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