15 U.S.C. § 151 — Directors

When a China Trade Act corporation is first formed, the directors named in its articles of incorporation direct the exercise of all the corporation's powers — until their successors take office — except any powers that the law, the articles of incorporation, or the corporation's bylaws give directly to the stockholders instead. After that, directors elected under the corporation's bylaws take over directing the corporation's powers the same way, again except for whatever is reserved to the stockholders. While exercising these powers, the directors may appoint, remove, and set the compensation of the corporation's officers and employees, whenever the directors consider it advisable.