UNDER the statutory or corporate enactments the board of directors is entrusted with the of corporate affairs and business. But it is neither customary nor feasible for the directors to manage the corporate business in the sense that they themselves conduct its day-to-day operations. Their main task rather is formulation and direction of the broad, basic and general business policy as a management tool, 1 co-ordination of the executive functions and exercise of overall control and supervision of the corporate affairs. The directors, as a rule, meet only intermittently and are not expected to devote their whole time and attention to the business of any particular corporation and cannot themselves, as a body, wholly or in large measure, perform the details of and enter into or superintend every transaction on behalf of the corporation. Evidently, it is necessary for the directors, especially in the case of large corporations, to entrust the implementation of the objectives and policies outlined by them and to delegate their powers and functions, from time to time, to one or more of their number, other officers and persons as business expediency and prudence may demand. It has been rightly observed that from the very beginning of the use of the corporate structure as a device for carrying on the businesses and activities of man, it has been apparent that the nominal brain, the board of directors, could not feasibly run the affairs of the inanimate entity unless certain powers could be delegated to officers and agents. 2 It is in recognition of this fact that the law requires or envisages the appointment of the top executive officer or officers, generally from among the directors, to whom the board may delegate its powers and functions. Barring a few fundamental and important powers,