(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.
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