Section 716. 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  shareholders
  may be removed, with or without cause, only by vote of the shareholders,
  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 or by ten percent of the votes of the
  outstanding  shares,  whether or not entitled to vote. The court may bar
  from re-election or reappointment any officer so removed  for  a  period
  fixed by the court.