§ 716. Removal of officers.

(a) Any 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.

(b) The removal of an officer without cause shall be without prejudice
to his contract rights, if any. The election or appointment of an
officer shall not of itself create contract rights.

(c) An action to procure a judgment removing an officer for cause may
be brought by the attorney-general or by ten percent of the votes of the
outstanding shares, whether or not entitled to vote. The court may bar
from re-election or reappointment any officer so removed for a period
fixed by the court.