§841. Offices 1. Offices. A corporation has the offices described in its bylaws or designated by the corporation’s board of directors in accordance with the bylaws. [PL 2003, c. 631, §19 (AMD).] 2. Appointment of officers. The board of directors may elect individuals to fill one or more offices of the corporation. An officer […]
§842. Functions of officers 1. Sources. An officer has the authority and shall perform the functions set forth in the bylaws or, to the extent consistent with the bylaws, the functions prescribed by the corporation’s board of directors or by direction of an officer authorized by the corporation’s board of directors to prescribe the functions […]
§843. Standards of conduct for officers 1. Basic standard of conduct. An officer, when performing in the capacity of an officer, has the duty to act: A. In good faith; [PL 2001, c. 640, Pt. A, §2 (NEW); PL 2001, c. 640, Pt. B, §7 (AFF).] B. With the care that a person […]
§844. Resignation and removal of officers 1. Resignation. An officer may resign at any time by delivering notice to the corporation. A resignation is effective when the notice is delivered unless the notice specifies a later effective time. If a resignation is made effective at a later time, including, but not limited to, the time […]
§845. Contract rights of officers 1. No implied contract rights. The appointment of an officer does not itself create contract rights. [PL 2001, c. 640, Pt. A, §2 (NEW); PL 2001, c. 640, Pt. B, §7 (AFF).] 2. Effect of removal or resignation on contract rights. An officer’s removal does not affect the officer’s […]
§846. Clerk (REPEALED) SECTION HISTORY PL 2001, c. 640, §A2 (NEW). PL 2001, c. 640, §B7 (AFF). PL 2003, c. 344, §B67 (RP).
