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Simple English definitions for legal terms
board of managers
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A quick definition of board of managers:
A board of managers is a group of people who are elected by the shareholders or members of a corporation, partnership, association, or other organization to make important decisions about how the organization is run. They establish policies, elect or appoint officers and committees, and make other governing decisions. They are also known as the board of directors or board of trustees in charitable organizations. Their main job is to make sure the organization is successful and follows the rules.
A more thorough explanation:
A board of managers is the same as a board of directors. It is the group of people elected by shareholders or members to make important decisions for a corporation, partnership, association, or other organization. They establish policies, elect or appoint officers and committees, and make other governing decisions.
For example, a non-profit organization may have a board of managers who decide how to use the organization's funds, who to hire as staff, and what programs to offer to the community. A corporation may have a board of managers who decide on mergers and acquisitions, set executive salaries, and approve budgets.
The board of managers is an important part of any organization because they are responsible for making decisions that affect the organization's success. They are elected by the shareholders or members to represent their interests and ensure that the organization is run in a responsible and effective way.