Terms of directors generally

(a) The charter or bylaws must specify the terms of directors. Except for designated or appointed directors, the terms of directors may not exceed five (5) years. In the absence of any term specified in the charter or bylaws, the term of each director shall be one (1) year. Directors may be elected for successive terms. (b) Except in the case of designated or appointed directors, a decrease in the number of directors or term of office does not shorten an incumbent director's term. (c) Except as provided in the charter or bylaws: (1) The term of a director filling a vacancy in the office of a director elected by members expires at the next election of directors by members; and (2) The term of a director filling any other vacancy expires at the end of the unexpired term which such director is filling. (d) Despite the expiration of a director's term, the director continues to serve until a successor is elected, designated or appointed and qualifies, or until there is a decrease in the number of directors. Acts 1987, ch. 242, § 8.05.

(a) The charter or bylaws must specify the terms of directors. Except for designated or appointed directors, the terms of directors may not exceed five (5) years. In the absence of any term specified in the charter or bylaws, the term of each director shall be one (1) year. Directors may be elected for successive terms.

(b) Except in the case of designated or appointed directors, a decrease in the number of directors or term of office does not shorten an incumbent director's term.

(c) Except as provided in the charter or bylaws: (1) The term of a director filling a vacancy in the office of a director elected by members expires at the next election of directors by members; and (2) The term of a director filling any other vacancy expires at the end of the unexpired term which such director is filling.

(1) The term of a director filling a vacancy in the office of a director elected by members expires at the next election of directors by members; and

(2) The term of a director filling any other vacancy expires at the end of the unexpired term which such director is filling.

(d) Despite the expiration of a director's term, the director continues to serve until a successor is elected, designated or appointed and qualifies, or until there is a decrease in the number of directors.

Acts 1987, ch. 242, § 8.05.