What is Board Of Directors?

Legal Definition
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organisation, which can include a non-profit organisation or a government agency or corporation. A board of directors' activities are determined by the powers, duties, and responsibilities delegated to it or conferred on it by an authority outside itself. These matters are typically detailed in the organisation's constitution and bylaws. These documents commonly also specify the number of members of the board, how they are to be chosen, and how often they are to meet. However, the constitution and bylaws rarely address a board's powers when faced with a corporate turnaround, restructuring, or emergencies, where board members need to act as agents of change in addition to their traditional fiduciary responsibilities.

In an organisation with voting members, the board acts on behalf of, and is subordinate to, the organisation's full group, which usually chooses the members of the board. In a stock corporation, the board is elected by the shareholders and is the highest authority in the management of the corporation. The board of directors appoints the Chief Executive Officer of the corporation and sets out the overall strategic direction. In a non-stock corporation with no general voting membership, the board is the supreme governing body of the institution; its members are sometimes chosen by the board itself.
-- Wikipedia
Legal Definition
In a corporation, the board of directors is a groups of people, selected by the shareholders, who make the major decisions for the company. The exact responsibilities of the board are governed by the company’s articles of incorporation, but, in general, the board is responsible for choosing the corporate officers, selling shares of the company, distributing dividends, and responding to merger and takeover offers. The board has a fiduciary duty to act in the best interest of the shareholders.
Legal Definition
The governing body of a private corporation, generally selected from among the stockholders and constituting in effect acommittee of their number or board of trustees for their interests.
-- Black's Law Dictionary