§ 55-8-06. Staggered terms for directors.
§ 55‑8‑06. Staggered terms for directors.
The articles of incorporationor bylaws adopted by the shareholders may provide for staggering the terms ofdirectors by dividing the total number of directors into two, three, or fourgroups, with each group containing one‑half, one‑third, or one‑fourthof the total, as near as may be. In that event, the terms of directors in thefirst group expire at the first annual shareholders' meeting after theirelection, the terms of the second group expire at the second annualshareholders' meeting after their election, the terms of the third group, ifany, expire at the third annual shareholders' meeting after their election, andthe terms of the fourth group, if any, expire at the fourth annualshareholders' meeting after their election. At each annual shareholders'meeting held thereafter, directors shall be chosen for a term of two, three, orfour years, as the case may be, to succeed those whose terms expire. (1901, c. 2, ss. 14, 44;Rev., ss. 1147, 1148; C.S., s. 1144; 1937, c. 179; 1945, c. 200; 1949, c. 917;G.S., s. 55‑48; 1955, c. 914, s. 1; c. 1371, s. 1; 1959, c. 1316, s. 7;1989, c. 265, s. 1; 1993, c. 552, s. 10; 2005‑268, s. 8.)