(1) The articles or bylaws may specify the terms of directors. Except for designated or appointed directors, the terms of directors may not exceed five years. In the absence of any term specified in the articles or bylaws, the term of each director shall be one year. Directors may be elected for successive terms.
(2) A decrease in the number of directors or term of office does not shorten an incumbent director’s term.
(3) Except as provided in the articles or bylaws:
(a) The term of a director filling a vacancy in the office of an elected director expires at the next election of directors; and
(b) The term of a director filling any other vacancy expires at the end of the unexpired term which such director is filling.
(4) Despite the expiration of a director’s term, the director continues to serve until the director’s successor is elected, designated or appointed and qualifies, or until there is a decrease in the number of directors. [1989 c.1010 §74]Section: Previous 65.247 65.251 65.254 65.301 65.304 65.307 65.311 65.314 65.317 65.321 65.324 65.327 65.331 65.334 65.335 Next
Last modified: August 7, 2008