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North Dakota Century Code Title 10. Corporations § 10-19.1-58. Resignation, removal, and vacancies for officers

Current as of January 01, 2024 | Updated by Findlaw Staff

1. An officer may resign at any time by giving written notice to the corporation. The resignation is effective without acceptance when the notice is given to the corporation, unless a later effective date is specified in the notice.

2. With respect to removal:

a. Except as otherwise provided in the articles and bylaws, an officer may be removed at any time, with or without cause, by a resolution approved by the affirmative vote of a majority of the directors present, subject to the provisions of a shareholder control agreement.

b. An officer appointed by the president also may be removed at any time, with or without cause, by the president.

c. To the extent authorized in the articles, the bylaws, or a resolution approved by the affirmative vote of a majority of the directors present, the president may remove an officer elected or appointed by the board, other than the treasurer.

d. The articles or the bylaws may provide other manners of removing an officer.

e. A removal as described in this subsection is without prejudice to any contractual rights of the officer.

3. A vacancy in an office because of death, resignation, removal, disqualification, or other cause may, or in the case of the president or treasurer must, be filled for the unexpired portion of the term in the manner provided in the articles or bylaws, or determined by the board, or pursuant to section 10-19.1-56.

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Cite this article: FindLaw.com - North Dakota Century Code Title 10. Corporations § 10-19.1-58. Resignation, removal, and vacancies for officers - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-10-corporations/nd-cent-code-sect-10-19-1-58/

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