15A:6-16 - Removal and resignation of officers; filling of vacancies - New Jersey Statutes

15A:6-16.  Removal and resignation of officers;  filling of vacancies
    a.  Any officer elected or appointed by the board may be removed by the board with or without cause.  An officer elected by the members may be removed,  with or without cause, only by vote of the members, but the authority to act as  an officer may be suspended by the board for cause. The removal of an officer  without cause shall be without prejudice to that officer's contract rights, if  any.  Election or appointment of an officer shall not of itself create contract  rights.

    b.  An officer may resign by written notice to the corporation.  The resignation shall be effective upon receipt thereof by the corporation or at a subsequent time as shall be specified in the notice of resignation.

    c.  Any vacancy occurring among the officers, however caused, shall be filled in the manner provided in the bylaws.  In the absence of such a provision, any vacancy shall be filled by the board.

     L.1983, c. 127, s. 15A:6-16, eff. Oct. 1, 1983.