Corporations, subsidiary: Directors

4320

(3) The General Board shall be and constitute the board of directors or shall elect the members of the board of directors as required by the Constitution except where prohibited by local laws (340:2; 1655:19; 4510), and shall have the authority to remove for cause any member thereof (1655:40b).

(4) All members of the boards of directors and all principal officers of subsidiary corporations in 4310:1 shall be Wesleyan Church members who meet the leadership qualifications. Two-thirds (2/3) of the members of each board of directors of other subsidiary corporations shall be Wesleyan Church members who meet the leadership qualifications (260–268; 558). The remaining one-third (1/3) of those boards of directors may be non-Wesleyan.

(5) A member of the board of directors may not be held personally liable for any debts, liabilities, or obligations of the corporation.

(6) All fiscal operations shall be under board control, with budget, investment, and cash control by a board of directors of no less than seven members.

(8) The board of directors shall make a complete and faithful report of finances and other activities to the General Board at any time as shall be required by such General Board (1655:22).

(9) An official copy of the minutes of all meetings of the board of directors and of the financial reports shall be forwarded to the Executive Director of Communication and Administration of The Wesleyan Church for permanent filing as requested.