§ 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.

HISTORY: An. Code 1957, art. 23, § 105; 1975, ch. 311, § 2.