N.Y. Business Corporation Law § 715: Officers

§ 715. Officers.

(a) The board may elect or appoint a president, one or more

vice-presidents, a secretary and a treasurer, and such other officers as

it may determine, or as may be provided in the by-laws.

(b) The certificate of incorporation may provide that all officers or

that specified officers shall be elected by the shareholders instead of

by the board.

(c) Unless otherwise provided in the certificate of incorporation or

the by-laws, all officers shall be elected or appointed to hold office

until the meeting of the board following the next annual meeting of

shareholders or, in the case of officers elected by the shareholders,

until the next annual meeting of shareholders.

(d) Each officer shall hold office for the term for which he is

elected or appointed, and until his successor has been elected or

appointed and qualified.

(e) Any two or more offices may be held by the same person. When all

of the issued and outstanding stock of the corporation is owned by one

person, such person may hold all or any combination of offices.

(f) The board may require any officer to give security for the

faithful performance of his duties.

(g) All officers as between themselves and the corporation shall have

such authority and perform such duties in the management of the

corporation as may be provided in the by-laws or, to the extent not so

provided, by the board.

(h) An officer shall perform his duties as an officer in good faith

and with that degree of care which an ordinarily prudent person in a

like position would use under similar circumstances. In performing his

duties, an officer shall be entitled to rely on information, opinions,

reports or statements including financial statements and other financial

data, in each case prepared or presented by:

(1) one or more other officers or employees of the corporation or of

any other corporation of which at least fifty percentum of the

outstanding shares of stock entitling the holders thereof to vote for

the election of directors is owned directly or indirectly by the

corporation, whom the officer believes to be reliable and competent in

the matters presented, or

(2) counsel, public accountants or other persons as to matters which

the officer believes to be within such person's professional or expert

competence, so long as in so relying he shall be acting in good faith

and with such degree of care, but he shall not be considered to be

acting in good faith if he has knowledge concerning the matter in

question that would cause such reliance to be unwarranted. A person who

so performs his duties shall have no liability by reason of being or

having been an officer of the corporation.