North Carolina General Statutes 55A-8-44. Contract rights of officers
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Terms Used In North Carolina General Statutes 55A-8-44
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(a) The appointment of an officer does not itself create contract rights.
(b) An officer’s removal does not affect the officer’s contract rights, if any, with the corporation. An officer’s resignation does not affect the corporation’s contract rights, if any, with the officer. (1955, c. 1230; 1993, c. 398, s. 1.)