10-805
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10-805 Terms of directors generally A. The terms of the initial directors of a corporation expire at the first shareholders' meeting at which directors are elected. B. The terms of all other directors expire at the annual shareholders' meeting following their election except in the case of directors whose terms are staggered under section 10-806. C. A decrease in the number of directors does not shorten the term of any incumbent director. D. The term of a director elected to fill a vacancy expires at the next shareholders' meeting at which directors are elected. E. Despite the expiration of a director's term, a director shall continue to hold office until the director's successor is elected and qualifies, until the director's resignation or removal or until there is a decrease in the number of directors. |