Section 2-413 - Election, tenure, and removal of officers. - Maryland Statutes

§ 2-413. Election, tenure, and removal of officers.
 

(a)  Election.- Unless the bylaws provide otherwise, the board of directors shall elect the officers. 

(b)  Tenure.- Unless the bylaws provide otherwise, an officer serves for one year and until his successor is elected and qualifies. 

(c)  Removal.-  

(1) If the board of directors in its judgment finds that the best interests of the corporation will be served, it may remove any officer or agent of the corporation. 

(2) The removal of an officer or agent does not prejudice any of his contract rights. 

(d)  Board may fill vacancy.- Unless the bylaws provide otherwise, the board of directors may fill a vacancy which occurs in any office. 
 

[An. Code 1957, art. 23, §§ 60, 61; 1975, ch. 311, § 2.]