Section 4-302 - Election to have no board of directors.
§ 4-302. Election to have no board of directors.
(a) Effective time of election.- An election to have no board of directors becomes effective at the later of:
(1) The time that the organization meeting of directors and the issuance of at least one share of stock of the corporation are completed;
(2) The time the charter document in which the election is made becomes effective; or
(3) The time specified in the charter document in which the election is made.
(b) Cessation of director's status.- A director automatically ceases to be a director when an election to have no board of directors becomes effective.
[An. Code 1957, art. 23, § 105; 1975, ch. 311, § 2.]