The Meter is Running
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41 legal experts on game-changing laws, rules, and cases.
AUTHORSeth Sahr, Partner, Novitt Sahr & Snow
PAGE #p. 22
BCL SEC. 715
The board may elect or appoint a president, one or more vice presidents, a secretary, and a treasurer, and such other officers as it may determine, or as may be provided in the bylaws. Unless otherwise provided in the certificate of incorporation or the bylaws, all officers shall be elected or appointed to hold office until the meeting of the board following the next annual meeting of shareholders.
Each officer shall hold office for the term for which he is elected or appointed, and until his successor has been elected or appointed and qualified. an officer shall perform his duties in good faith.
"When annual elections occur, many shareholders and unit-owners are often surprised to learn that the people they are voting to put on the board are not the officers, but merely directors or members. It is only after the board has been elected that the election of officers occurs, and it is the board that conducts the voting. Depending on the language in the bylaws, if this second election doesn’t happen, the prior officers remain in power."
To read the full lecture, visit: http://bit.ly/S-Sahr