§ 714. 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 members or a
class of members may be removed, with or without cause, only by the vote
of the members or such class of members, 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, by any director, by ten percent of
the members, whether or not entitled to vote, or by the holders of ten
percent of the face value of the outstanding capital certificates,
subvention certificates or bonds having voting rights. The court may bar
from re-election or reappointment any officer so removed for a period
fixed by the court.