Regardless of whether or not it's a legal requirement of the board, I think even this confusion on the matter is evidence that not enough protection is in place

Regardless of whether or not it's a legal requirement of the board, I think even this confusion on the matter is evidence that not enough protection is in place for long term longevity or worker benefit in normal corporate bylaws. With LLCs you can offer bylaws, with PBCs you can offer a benefit charter, with LCAs you can offer direct worker ownership; there are other corporate entities besides C corps which can offer better protection that is more explicit and less prone to financial debate - that's my point.