13.1-695 - Resignation and removal of officers. - Virginia Statutes

§ 13.1-695. Resignation and removal of officers.

A. An officer may resign at any time by delivering notice to the corporation.A resignation is effective when the notice is delivered unless the noticespecifies a later effective time. If a resignation is made effective at alater time, the corporation may fill the pending vacancy before the effectivetime if the successor does not take office until the effective time.

B. A board of directors may remove any officer at any time with or withoutcause and any officer or assistant officer, if appointed by another officer,may likewise be removed by such officer. Election or appointment of anofficer shall not of itself create any contract rights in the officer or thecorporation. An officer's removal does not affect such officer's contractrights, if any, with the corporation. An officer's resignation does notaffect the corporation's contract rights, if any, with the officer.

C. Any person who has resigned as an officer of a corporation, or whose nameis incorrectly on file with the Commission as an officer of a corporation,may file a statement to that effect with the Commission.

D. Upon the resignation or removal of an officer, the corporation may file anamended annual report with the Commission indicating the resignation orremoval of the officer and the successor in office, if any.

(Code 1950, § 13.1-46; 1956, c. 428; 1985, c. 522; 1990, c. 282; 1991, cc.124, 146; 2005, c. 765.)