Section 4-302 - Election to have no board of directors(a) An election to have no board of directors becomes effective at the later of:(1) The time that the organization meeting of directors and the issuance of at least one share of stock of the corporation are completed;(2) The time the charter document in which the election is made becomes effective; or(3) The time specified in the charter document in which the election is made.(b) A director automatically ceases to be a director when an election to have no board of directors becomes effective.