Election to have no board of directors

  1. Law
  2. Maryland Code
  3. Corporations and Associations
  4. Close Corporations
  5. Board of Directors
  6. Election to have no board of directors

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    (a)    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)    A director automatically ceases to be a director when an election to have no board of directors becomes effective.


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