§ 29-306.10 — Vacancy on board.

District of Columbia § 29-306.10

• Jurisdiction: District of Columbia
• Title 29: Business Organizations. [Enacted title]
• Ch. 3: Business Corporations.
• Subch. VI: Directors and Officers.
• Part A: Board of Directors.

Text

(a) Unless the articles of incorporation provide otherwise, if a vacancy occurs on a board of directors, including a vacancy resulting from an increase in the number of directors:

(1) The shareholders may fill the vacancy;

(2) The board of directors may fill the vacancy; or

(3) If the directors remaining in office constitute less than a quorum of the board, they may fill the vacancy by the affirmative vote of a majority of all the directors remaining in office.

(b) If the vacant office was held by a director elected by a voting group of shareholders, only the holders of shares of that voting group shall vote to fill the vacancy if it is filled by the shareholders and only the directors elected by that voting group shall fill the vacancy if it is filled by the directors.

(c) A vacancy that will occur at a specific later date, by reason of a resignation effective at a later date under § 29-306.07(b) or otherwise, may be filled before the vacancy occurs, but the new director shall not take office until the vacancy occurs.

Legislative History

July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720