§ 8-4-4-1 — Term of office; termination at election

It shall be lawful for the board of directors of any
railway company whose road passes through this state into adjoining
states, by lot or otherwise, to so classify the members thereof, that
one-fourth (1/4) (as near as may be) shall terminate their official terms
as directors at the first annual election thereafter, and one-fourth (1/4)
at each subsequent election; and after being thus classified, the stock
and bondholders shall elect only the number of the board of directors
necessary to fill the vacancies created by the expiration of the period
of services fixed as aforesaid.
Formerly: Acts 1869(ss), c.50, s.1.