Section 221.0601 - Requirement for and duties of board of directors(1) REQUIREMENT. A bank shall have a board of directors.(2) POWERS. All corporate powers shall be exercised by or under the authority of, and the business and affairs of the bank managed under the direction of, its board of directors, subject to any limitation set forth in the articles of incorporation.(3) REQUIRED OATH. Every director shall take and subscribe an oath to perform diligently and honestly the director's duty and to not knowingly violate or permit a violation of chs. 220 to 224.