§ 28-13-9-3 — Size of board; articles and bylaws; annual election of directors

(a) A board of directors must consist of at least
three (3) individuals, with the number specified in or fixed in
accordance with the articles of incorporation or bylaws. The articles of
incorporation or bylaws may provide that the number of directors may
be determined by resolution of the board of directors.
(b) The articles of incorporation or bylaws may establish a variable
range for the size of the board of directors by fixing a minimum and
maximum number of directors. However, the minimum must be at least
three (3) directors. If a variable range is established, the number of
directors may be fixed or changed from time to time, within the
minimum and maximum, in the bylaws or by resolution of the board of
directors.
(c) Directors are elected at the first annual shareholders' meeting
and at each subsequent annual meeting unless the directors' terms are
staggered under section 6 of this chapter.

Legislative History

As added by P.L.14-1992, SEC.163.