Sec. 33-767. Contract rights of officers.
Sec. 33-767. Contract rights of officers. (a) The appointment of an officer does
not itself create contract rights.
(b) An officer's removal does not affect the officer's contract rights, if any, with
the corporation. An officer's resignation does not affect the corporation's contract rights,
if any, with the officer.
(P.A. 94-186, S. 106, 215.)
History: P.A. 94-186 effective January 1, 1997.
Annotations to former section 33-48:
An officer annually elected usually holds office until his successor is chosen. 6 C. 428; 9 C. 536; 80 C. 42; 81 C. 473.
Surety on bond of officer annually elected is liable only for acts or defaults within the year. 28 C. 387. The performance
of a ministerial duty by an officer may be enforced by mandamus. 65 C. 355. What determines authority of officer; apparent
authority and estoppel of corporation. 69 C. 573; 71 C. 669. Admissions of officers when admissible against corporation.
72 C. 130; 88 C. 415. Notice to officer as notice to corporation. 76 C. 476; 82 C. 508. General officers represent and, in
effect, are corporation. 79 C. 219; 85 C. 147. Contract signed by officers as contract of corporation. 85 C. 215; 88 C. 385.
Officers as trustees; jurisdiction of equity to restrain waste and mismanagement. 87 C. 656. When resignation of officer
takes effect. 88 C. 332. Officers of a corporation must be chosen in accordance with statutory method; effect of contract
by vice president to hire a person as secretary without vote of directors. 97 C. 652. Corporation not liable for negligence
of president in operating its automobile on his private business. 99 C. 720. Contract between president and corporation;
duty of president not to engage in secret competition with corporation. 102 C. 184. Cited. 141 C. 325.
Annotation to former section 33-319:
Cited. 150 C. 242.