1. (a) An election to have no board of directors becomes effective at the later of:

   1. (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. (2) The time the charter document in which the election is made becomes effective; or
   3. (3) The time specified in the charter document in which the election is made.
2. (b) A director automatically ceases to be a director when an election to have no board of directors becomes effective.

Added by Acts 1975, c. 311, § 2, eff. July 1, 1975.

Formerly Art. 23, § 105.