Section 4-302 - Election to have no board of directors. - Maryland Statutes

§ 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.]