Sec. 535.
(1) An officer elected or appointed by the board may be removed by the board with or without cause. An officer elected by the shareholders may be removed, with or without cause, only by vote of the shareholders, but his authority to act as an officer may be suspended by the board for cause.
(2) The removal of an officer shall be without prejudice to his contract rights, if any. The election or appointment of an officer does not of itself create contract rights.
(3) An officer may resign by written notice to the corporation. The resignation is effective upon its receipt by the corporation or at a subsequent time specified in the notice of resignation.
History: 1972, Act 284, Eff. Jan. 1, 1973
Structure Michigan Compiled Laws
Act 284 of 1972 - Business Corporation Act (450.1101 - 450.2099)
284-1972-5 - Chapter 5 Directors and Officers (450.1501...450.1571)
Section 450.1501 - Management of Corporation; Qualifications of Director.
Section 450.1511 - Removal of Directors by Shareholders.
Section 450.1514 - Removal of Director by Court.
Section 450.1515 - Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1515a - Filling Vacancy in Board.
Section 450.1521 - Regular or Special Meetings of Board.
Section 450.1523 - Quorum; Majority Vote as Constituting Action of Board.
Section 450.1525 - Consent to Action of Board Without Meeting.
Section 450.1528 - Committees; Powers and Authority; Limitations; Subcommittees.
Section 450.1529 - Submission of Matter to Shareholder Vote.
Section 450.1535 - Removal or Resignation of Officers; Contract Rights.
Section 450.1541 - Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1545 - Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1545a - Interest of Director or Officer in Transaction; Compensation of Directors.
Section 450.1546 - Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1548 - Loan, Guaranty, or Assistance by Corporation to Director, Officer, or Employee.
Section 450.1553 - Presumption of Concurrence by Director in Corporation Action; Effect of Dissent.
Section 450.1554 - Action Against Director or Shareholder; Limitation.
Section 450.1561 - Indemnification of Certain Persons Generally.
Section 450.1562 - Additional Provisions for Indemnification of Certain Persons.
Section 450.1563 - Indemnification Against Actual and Reasonable Expenses.
Section 450.1564 - Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1564c - Application for Indemnification to Court; Determination.