§4–302.

    (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.