§ 28-13-9-6 — Staggering terms; groups of directors; expiration of terms

Indiana § 28-13-9-6

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

Text

(a) The articles of incorporation or, if the
articles of incorporation so authorize, the bylaws may provide for
staggering the board of directors' terms by dividing the total number of
directors into either:
(1) two (2) groups, with each group containing one-half (1/2) of
the total, as near as may be; or
(2) three (3) groups, with each group containing one-third (1/3)
of the total, as near as may be.
(b) If terms are staggered under subsection (a):
(1) the terms of directors in the first group expire at the first
annual shareholders' meeting after the directors' election;
(2) the terms of the second group expire at the second annual
shareholders' meeting after the directors' election; and
(3) the terms of the third group, if any, expire at the third annual
shareholders' meeting after the directors' election.
At each annual shareholders' meeting held after the meetings specified
in this subsection, directors shall be chosen for a term of two (2) years
or three (3) years, as the case may be, to succeed those whose terms
expire.

Legislative History

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