§ 714 — Removal of officers

§ 714. Removal of officers.\n (a) Any officer elected or appointed by the board may be removed by\nthe board with or without cause. An officer elected by the members or a\nclass of members may be removed, with or without cause, only by the vote\nof the members or such class of members, but his authority to act as an\nofficer may be suspended by the board for cause.\n (b) The removal of an officer without cause shall be without prejudice\nto his contract rights, if any. The election or appointment of an\nofficer shall not of itself create contract rights.\n (c) An action to procure a judgment removing an officer for cause may\nbe brought by the attorney-general, by any director, by ten percent of\nthe members, whether or not entitled to vote, or by the holders of ten\npercent of the face value of the outstanding capital certificates,\nsubvention certificates or bonds having voting rights. The court may bar\nfrom re-election or reappointment any officer so removed for a period\nfixed by the court.\n