§ 23-1-33-5 — Terms of office

(a) The terms of the initial directors of a
corporation expire at the first shareholders' meeting at which directors
are elected.
(b) The terms of all other directors expire at:
(1) the next; or
(2) if the director's terms are staggered in accordance with section
6 of this chapter, the applicable second or third;
annual shareholders' meeting following their election.
(c) A decrease in the number of directors does not shorten an
incumbent director's term.
(d) The term of a director elected to fill a vacancy expires at the end
of the term for which the director's predecessor was elected.
(e) Despite the expiration of a director's term, the director continues
to serve until a successor is elected and qualifies or until there is a
decrease in the number of directors.

Legislative History

As added by P.L.149-1986, SEC.17. Amended by P.L.133-2009, SEC.23; P.L.118-2017, SEC.12.