§ 13.1-857. Terms of directors generally
A. In the absence of a provision in the articles of incorporation fixing a term of office, the term of office for a director shall be one year.
B. The terms of the initial directors of a corporation expire at the first members' meeting at which directors are elected, or if there are no members or the corporation's members do not have voting rights, at the end of such other period as may be specified in the articles of incorporation.
C. The terms of all other directors expire at the next annual meeting of members following the directors' election unless their terms are staggered under § 13.1-858 or, if there are no members or the corporation's members do not have voting rights, as provided in the articles of incorporation.
D. A decrease in the number of directors does not shorten an incumbent director's term.
E. The term of a director elected by the board of directors to fill a vacancy expires at the next members' meeting at which directors are elected or, if there are no members or the corporation's members do not have voting rights, as provided in the articles of incorporation.
F. Except in the case of ex-officio directors, despite the expiration of a director's term, a director continues to serve until his successor is elected and qualifies or until there is a decrease in the number of directors, if any.
(Code 1950, § 13.1-221; 1956, c. 428; 1985, c. 522; 1986, c. 529; 2004, c. 303; 2007, c. 925.)
Sections: Previous 13.1-852 13.1-852.1 13.1-852.2 13.1-853 13.1-854 13.1-855 13.1-856 13.1-857 13.1-858 13.1-859 13.1-860 13.1-861 13.1-862 13.1-863 13.1-864 NextLast modified: April 16, 2009