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.