§ 21-286 — Number and election of directors

Nebraska § 21-286

• Jurisdiction: Nebraska
• Ch. 21: Corporations and Other Companies

Text

(MBCA 8.03) (a) A board
of directors must consist of one or more individuals, with the number specified
in or fixed in accordance with the articles of incorporation or bylaws.
(b) The number of directors
may be increased or decreased from time to time by amendment to, or in the
manner provided in, the articles of incorporation or the bylaws.
(c) Directors are elected
at the first annual shareholders' meeting and at each annual meeting thereafter
unless their terms are staggered under section 21-289 .
(d) If a corporation is registered
as an investment company under the federal Investment Company Act of 1940,
as amended, 15 U.S.C. 80a-1 et seq., and, pursuant to section 21-220 , has
included in its articles of incorporation a provision limiting or eliminating
the requirement to hold an annual meeting of the shareholders, the initial
directors shall be elected at the first meeting of the shareholders after
such provision limiting or eliminating such meeting is included in the articles
of incorporation, and thereafter the election of directors by shareholders
is not required unless required by such federal act or the rules and regulations
under such act or otherwise required by the Nebraska Model Business Corporation
Act.

Legislative History

Source: Laws 2014, LB749, § 86.