Alabama § 41-10-88 Board of Directors of Corporation - Election and Terms of Office of Members Generally

Alabama Statutes

§ 41-10-88 — Board of Directors of Corporation - Election and Terms of Office of Members Generally

Alabama·Title 41 State Government·Ch. 10 Authorities·Art. 4 State Products Mart and Coliseum Authorities

The governing body shall elect the number of directors provided in the certificate of incorporation of the corporation for staggered terms of office. At the time of the election of the first board, the governing body shall divide the directors into three groups containing as nearly equal whole numbers as may be possible. The first term of the directors included in the first group shall be two years; the first term of the directors included in the second group shall be four years; the first term of the directors included in the third group shall be six years; and, thereafter, the terms of all directors shall be six years; provided, that if at the expiration of any term of office of any director a successor shall not have been elected, then the director whose term of office shall have expire

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The governing body shall elect the number of directors provided in the certificate of incorporation of the corporation for staggered terms of office. At the time of the election of the first board, the governing body shall divide the directors into three groups containing as nearly equal whole numbers as may be possible. The first term of the directors included in the first group shall be two years; the first term of the directors included in the second group shall be four years; the first term of the directors included in the third group shall be six years; and, thereafter, the terms of all directors shall be six years; provided, that if at the expiration of any term of office of any director a successor shall not have been elected, then the director whose term of office shall have expired shall continue to hold office until his or her successor shall be so elected.

Alabama § 41-10-88 (Board of Directors of Corporation - Election and Terms of Office of Members Generally) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.