(1) Except as provided in section 7-108-106, the terms of the initial directors of a corporation expire at the first shareholders' meeting at which directors are elected.
Except as provided in section 7-108-106, the terms of all other directors expire at thenext annual shareholders' meeting following their election.
A decrease in the number of directors does not shorten an incumbent director's term.
The term of a director elected to fill a vacancy pursuant to section 7-108-110 (1)(b) or 7-108-110 (1)(c) expires at the next annual shareholders' meeting at which directors are elected. The term of a director elected to fill a vacancy pursuant to section 7-108-110 (1)(a) shall be the unexpired term of the director's predecessor in office; except that, if the director's predecessor had been elected to fill a vacancy pursuant to section 7-108-110 (1)(b) or 7-108-110 (1)(c), the term of a director elected pursuant to section 7-108-110 (1)(a) shall be the unexpired term of the last predecessor elected by the shareholders.
Despite the expiration of the director's term, a director continues to serve until thedirector's successor is elected and qualifies.
(Deleted by amendment, L. 2004, p. 1497, § 252, effective July 1, 2004.)
Source: L. 93: Entire article added, p. 779, § 1, effective July 1, 1994. L. 2000: (6) amended, p. 978, § 55, effective July 1. L. 2002: (6) amended, p. 1848, § 110, effective July 1; (6) amended, p. 1712, § 110, effective October 1. L. 2004: (4), (5), and (6) amended, p. 1497, § 252, effective July 1.