§ 6-326

Maryland § 6-326

• Jurisdiction: Maryland
• Article gfi: Financial Institutions
• Title: 6

Text

(a) The office of a director becomes vacant if the director:

(1) Dies;

(2) Resigns; or

(3) Is removed.

(b) A director may be removed from office:

(1) By the board, in accordance with the bylaws, if the director:

(i) Does not possess or maintain the qualifications required to serve on the board; or

(ii) Is absent from three consecutive regular meetings of the board unless excused; or

(2) By the members.

(c) (1) Unless the bylaws provide otherwise, the remaining directors by majority vote shall fill a vacancy.

(2) A director elected by the board to fill a vacancy holds office as the bylaws provide.