Sec. 33-740. Staggered terms for directors.
Sec. 33-740. Staggered terms for directors. The certificate of incorporation may
provide for staggering the terms of directors by dividing the total number of directors
into up to five groups, with each group containing approximately the same percentage
of the total, as near as may be. In that event, the terms of directors in the first group
expire at the first annual shareholders' meeting after their election, the terms of the
second group expire at the second annual shareholders' meeting after their election, the
terms of the third group, if any, expire at the third annual shareholders' meeting after their
election, the terms of the fourth group, if any, expire at the fourth annual shareholders'
meeting after their election and the terms of the fifth group, if any, expire at the fifth
annual shareholders' meeting after their election. At each annual shareholders' meeting
held thereafter, directors shall be chosen for a term of two years, three years, four years
or five years, as the case may be, to succeed those whose terms expire.
(P.A. 94-186, S. 88, 215; P.A. 96-271, S. 65, 254; P.A. 01-199, S. 8.)
History: P.A. 94-186 effective January 1, 1997; P.A. 96-271 amended Subsec. (a) to replace "articles" of incorporation
with "certificate" of incorporation, effective January 1, 1997; P.A. 01-199 deleted Subsec. (b) that made section applicable
to a corporation with cumulative voting only if there are at least three directors in each group.