Section 491.440 - Classification of directors as to term expiration.
SAVINGS AND LOAN ACT OF 1980 (EXCERPT)
Act 307 of 1980
491.440 Classification of directors as to term expiration.
Sec. 440.
The bylaws of an association shall provide that the board shall be divided into 3 classes of directors, each class to be as nearly equal in number as possible. The term of office of directors in the first class shall expire at the first annual meeting of members after their election, that of the second class shall expire at the second annual meeting after their election, and that of the third class shall expire at the third annual meeting after their election. At each annual meeting after classification of the board, a number of directors equal to the number of the class whose term expires at the time of the meeting shall be elected to hold office until the third succeeding annual meeting. If the number of directors is changed, the directors thereafter elected shall be classified under this section so that each of the 3 classes shall be as equal in number as possible.
History: 1980, Act 307, Eff. Jan. 1, 1981