Delaware § 742 Directors; number, quorum, term, vacancies and oath

Delaware Statutes

§ 742 — Directors; number, quorum, term, vacancies and oath

Delaware·Title 5·Part Banks and Trust Companies·Ch. 7 CORPORATION LAW FOR STATE BANKS AND TRUST COMPANIES·Subch. Conduct of Internal Corporate Affairs

(a)The business of every corporation organized under this chapter shall be managed by a board of directors. The number of directors which shall constitute the whole board shall be such as may be specified in the articles of association, but in no case shall the number be less than 5. The bylaws shall prescribe how many directors shall constitute a quorum for the transaction of business.

(b)The directors elected at the organization meeting of the incorporators, as provided in § 727 of this title, shall hold office until the succeeding annual meeting of the stockholders and until their successors have been duly chosen and qualified, and thereafter directors shall be elected at the annual meeting of the stockholders or at an adjournment of the annual meeting. Vacancies in the board of dire

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(a) The business of every corporation organized under this chapter shall be managed by a board of directors. The number of directors which shall constitute the whole board shall be such as may be specified in the articles of association, but in no case shall the number be less than 5. The bylaws shall prescribe how many directors shall constitute a quorum for the transaction of business.

(b) The directors elected at the organization meeting of the incorporators, as provided in § 727 of this title, shall hold office until the succeeding annual meeting of the stockholders and until their successors have been duly chosen and qualified, and thereafter directors shall be elected at the annual meeting of the stockholders or at an adjournment of the annual meeting. Vacancies in the board of directors shall be filled by a majority of the remaining directors, though less than a quorum, and the directors so chosen shall hold office until the next annual election and until their successors shall be duly elected and qualified.

(c) Every director shall be sworn to the faithful performance of the director’s duties.

Delaware § 742 (Directors; number, quorum, term, vacancies and oath) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

32 Del. Laws, c. 103, § 17 ; 38 Del. Laws, c. 94, § 11 ; Code 1935, §§ 2305, 2380; 5 Del. C. 1953, § 742; 49 Del. Laws, c. 124 ; 63 Del. Laws, c. 142, § 3 ; 64 Del. Laws, c. 156, § 1 ; 70 Del. Laws, c. 186, § 1