§ 28-13-9-5 — Terms of office; vacancies; continuation until qualification of successor

Indiana § 28-13-9-5

• Jurisdiction: Indiana
• Art. 13: CORPORATE GOVERNANCE
• Ch. 9: Board of Directors Generally

Text

(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 the next annual
shareholders' meeting following their election unless the directors'
terms are staggered under section 6 of this chapter.
(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.14-1992, SEC.163.