If there is an election to have no board of directors:

(1)    The stockholders may exercise all powers of directors, and the business and affairs of the corporation shall be managed under their direction;

(2)    The stockholders of the corporation are responsible for taking any action required by law to be taken by the board of directors;

(3)    Action by stockholders shall be taken by the voting of shares of stock as provided in this article;

(4)    The stockholders may take any action for which this article otherwise would require both a resolution of directors and a vote of stockholders;

(5)    By the affirmative vote of a majority of all the votes entitled to be cast, the stockholders may take any action for which this article otherwise would require a vote of a majority of the entire board of directors;

(6)    A statement that the corporation is a close corporation which has no board of directors satisfies any requirement that an instrument filed with the Department contain a statement that a specified action was taken by the board of directors;

(7)    The special liabilities imposed on directors by § 2-312(a) of this article and the provisions of §§ 2-312(b) and 2-410 of this article apply to the stockholders of the corporation and, for this purpose, “present” in § 2-410 of this article means present in person or by proxy; and

(8)    A stockholder is not liable for any action taken as a result of a vote of the stockholders, unless he was entitled to vote on the action.