§ 5724. Term of office of directors.
(a) General rule.--Each director of a nonprofit corporation shall hold office until the expiration of the term for which the director was selected and until a successor has been selected and qualified or until the director's earlier death, resignation or removal. Directors, other than those selected by virtue of their office or former office in the corporation or in any other entity or organization, shall be selected for the term of office provided in the bylaws. In the absence of a provision fixing the term, it shall be one year.
(b) Resignations.--Any director may resign at any time upon notice in record form to the corporation. The resignation shall be effective upon its receipt by the corporation or at a subsequent time specified in the notice of resignation.
(c) Decrease in number.--A decrease in the number of directors shall not have the effect of shortening the term of any incumbent director.
(d) Classified board of directors.--Except as otherwise provided in the bylaws, if the directors are classified in respect of the time for which they shall severally hold office:
(1) Each class shall be as nearly equal in number as possible.
(2) The term of office of at least one class shall expire in each year.
(3) The members of a class shall not be elected for a longer period than four years.
(July 9, 2013, P.L.476, No.67, eff. 60 days)
Section: Previous 5714 5715 5716 5717 5721 5722 5723 5724 5725 5726 5727 5728 5729 5730 5731 NextLast modified: October 8, 2016