Corporations exist due to corporate statutes in state law. These statutes define the corporation as a "legal person" with many of the rights of real citizens. Perhaps most importantly, these statutes specify the limited financial and legal liability of the shareowners of the corporation for the actions and obligations of the corporation. This limit to liability is considered the primary reason that corporate boards and management can gain control over large sums of money (capital), initially from the sale of equity shares, but also from allowing the corporate board to approve borrowing (in the name of the corporation) from banks and/or bond buyers. The rules governing "corporate" behavior plus the limited liability of shareowners allows corporate management to command, in the name of the corporation, large workforces and capital. The statutes give the state governments the right to charter corporations, approving the articles of incorporation and by-laws that specify the political processes that determine governance of the corporation. The primary policy making body in an American-style for-profit corporation is the board of directors. The board is elected by the shareholders or by those holding the proxy votes of the shareholders (usually the existing board of directors) and are considered fiduciaries and representatives of the shareowners. In addition to electing the board of directors, the shareowners have the right to vote on sale or dissolution of the corporation, and amendment of corporate by-laws. As in the case of board elections, proxy votes may ultimately determine the outcome of such decisions. The day-to-day political authority over the corporation's workforce is vested in executive officers who are normally elected by the board of directors. These executive officers have the power to hire, command, and fire other employees, including lower level managerial personnel. These managerial personnel are usually delegated, by the executive officers and under the general power structure established by the board of directors, with the power to hire, command, and fire the operational and support workers who carry out the activities necessary to the various production, marketing, financing and capital budgeting, accounting, and other processes that give life to the corporation.