§ 707. Quorum of directors.

Unless a greater proportion is required by this chapter or by the
certificate of incorporation or by a by-law adopted by the members, a
majority of the entire board shall constitute a quorum for the
transaction of business or of any specified item of business, except
that the certificate of incorporation or the by-laws may fix the quorum
at less than a majority of the entire board, provided that in the case
of a board of fifteen members or less the quorum shall be at least
one-third of the entire number of members and in the case of a board of
more than fifteen members the quorum shall be at least five members plus
one additional member for every ten members (or fraction thereof) in
excess of fifteen.