Sec. 18. Except as otherwise provided in this chapter, the directors:
(1) shall be elected by the members at the annual meeting of the members; and
(2) may, if provided in the bylaws, be elected for terms of office that expire at different times.
A term of office may not continue for longer than three (3) years. In the absence of a provision in the bylaws for terms of office, each director, except the first board of directors, shall be elected for a term of one (1) year and hold office until the director's successor is elected and qualified. The first board of directors, as named in the articles of incorporation, shall hold office until the first annual meeting of the members.
[Pre-2008 Recodification Citation: 15-7-1-11(b).]
As added by P.L.2-2008, SEC.3.