16-10a-806 - Staggered terms for directors.
16-10a-806. Staggered terms for directors.
The articles of incorporation may provide for staggering the terms of directors by dividingthe total number of directors into two or three groups, with each group containing 1/2 or 1/3 ofthe total, as near as may be. In that event, the terms of directors in the first group expire at thefirst annual shareholders' meeting after their election, the terms of directors in the second groupexpire at the second annual shareholders' meeting after their election, and the terms of directors inthe third group, if any, expire at the third annual shareholders' meeting after their election. Uponthe expiration of the initial staggered terms directors shall be elected for terms of two years orthree years, as the case may be, to succeed those whose terms expire.
Enacted by Chapter 277, 1992 General Session