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  • PART I ADMINISTRATION OF THE GOVERNMENT
  • TITLE XXII CORPORATIONS
  • CHAPTER 156D BUSINESS CORPORATIONS
  • Section 8.05 Terms of directors generally

Section 8.05. TERMS OF DIRECTORS GENERALLY

(a) The terms of the initial directors of a corporation shall expire at the first shareholders’ meeting at which directors are elected.

(b) The terms of all directors shall expire at the next annual shareholders’ meeting following their election unless their terms are staggered under section 8.06.

(c) A decrease in the number of directors does not shorten an incumbent director’s term.

(d) Unless otherwise provided in the articles of organization or a bylaw adopted by shareholders or required by section 8.06(e), the term of a director elected to fill a vacancy shall expire at the next shareholders’ meeting at which directors are elected.

(e) Despite the expiration of a director’s term, he shall continue to serve until his successor is elected and qualified or until there is a decrease in the number of directors.