Section 4-302 - Election to Have No Board of Directors

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