Section 180P: Succession of officers during national emergency
102 words·~1 min read·
/ma/part-i/title-xxii/chapter-175/180p·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 180P. At any time the board of directors of a domestic company may, by resolution, provide that in the event of a national emergency and in the event of the death or incapacity of the president, secretary and treasurer of said company, such officers, or any of them, shall be succeeded in office by the person named or described in a succession list adopted by the board. Such list may be on the basis of named persons or position titles, shall establish the order of priority and may prescribe the conditions under which the powers of the office shall be exercised.