Maryland Corporations and Associations Section 4-302

      (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.