Sec. 33-744. Vacancy on board of directors.
Sec. 33-744. Vacancy on board of directors. (a) Unless the certificate of incorporation provides otherwise, if a vacancy occurs on a board of directors, including a vacancy resulting from an increase in the number of directors: (1) The shareholders may
fill the vacancy; (2) the board of directors may fill the vacancy; or (3) if the directors
remaining in office constitute fewer than a quorum of the board, they may fill the vacancy
by the affirmative vote of a majority of all the directors remaining in office.
(b) If the vacant office was held by a director elected by a voting group of shareholders, only the holders of shares of that voting group are entitled to vote to fill the vacancy
if it is filled by the shareholders.
(c) A vacancy that will occur at a specific later date, by reason of a resignation
effective at a later date under subsection (b) of section 33-741 or otherwise, may be
filled before the vacancy occurs but the new director may not take office until the vacancy
occurs.
(P.A. 94-186, S. 92, 215; P.A. 96-271, S. 67, 254.)
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.