81-9-55 - Vacancies and removal of directors.
§ 81-9-55. Vacancies and removal of directors.
Vacancies among directors shall be filled by the chancellor on ex parte hearing in term time, or in vacation, but the choice of any four remaining directors shall be the choice of the chancellor, except for good cause shown. Removal of directors shall be in the discretion of the chancellor, in term time or in vacation, on petition of any party aggrieved, and upon such notice not less than five days as the chancellor may direct.
Sources: Codes, 1942, § 5268; Laws, 1934, ch. 146.