1572

LAWS OF MARYLAND

[Ch. 311

REVISOR'S NOTE: This section presently appears as
Art. 23, §59.

In subsection (a)(2) of this section, the
reference to any "or all" of the powers of the
board is deleted as unnecessary in light of
the broad reference to "any" of the powers.

The only other changes are in style.

With respect to subsection (c) of this
section, see §§ 2—416 and 2—417 which provide
for some of the liabilities of directors.

2-412. OFFICERS.

(A)       REQUIRED OFFICERS.

EACH MARYLAND CORPORATION SHALL HAVE THE FOLLOWING
OFFICERS:

(1)    A PRESIDENT, WHO SHALL BE A DIRECTOR OF
THE CORPORATION;

(2)   A SECRETARY; AND

(3)   A TREASURER.

(B)   PERMITTED OFFICERS.

IN ADDITION TO THE REQUIRED OFFICERS, A MARYLAND
CORPORATION MAY HAVE ANY OTHER OFFICER PROVIDED FOR IN
THE BYLAWS.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first and
second sentences of Art. 23, § 60(a).

The only changes are in style.

2-413. ELECTION, TENURE, AND REMOVAL OF OFFICERS.

(A)   ELECTION.

UNLESS THE BYLAWS PROVIDE OTHERWISE, THE BOARD OF
DIRECTORS SHALL ELECT THE OFFICERS.

(B)   TENURE.

UNLESS THE BYLAWS PROVIDE OTHERWISE, AN OFFICER
SERVES FOR ONE YEAR AND UNTIL HIS SUCCESSOR IS ELECTED
AND QUALIFIES.

(C) REMOVAL.