Resignation

Sec. 7. (a) A director may resign at any time by delivering written notice: (1) to the board of directors, its chairman, or the secretary of the corporation; or (2) if the articles of incorporation or bylaws so provide, to another designated officer. (b) A resignation is effective when the notice is delivered unless the notice specifies: (1) a later effective date; or (2) an effective date determined upon the happening of an event. (c) A resignation that is conditioned upon failing to receive a specified vote for election as a director may provide that the resignation is irrevocable. As added by P.L.149-1986, SEC.17. Amended by P.L.107-1987, SEC.10; P.L.133-2009, SEC.25.