Officers will be elected in this manner. They shall serve their terms for the period prescribed by the bylaws, or as determined by the board or other governing body.
Each officer will hold office until the election and qualification of a successor or until resignation or removal. Any officer could withdraw at any period by providing written notification to the firm.
- A corporation can obtain the fidelity of any or every officer or agent by bond or other means.
- The failure to elect officers does not cause the corporation’s dissolution or other adverse effects.
- Any vacancy in a department of the firm due to death, resignation, expulsion, or any other explanation will be injected as per the bylaws. The board of directors, or any other regulating body, will serve the vacancy if there is no such condition.