Nebraska § 21-288 Terms of directors generally

Nebraska Statutes

§ 21-288 — Terms of directors generally

Nebraska·Ch. 21 Corporations and Other Companies

(MBCA 8.05) (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 or, if their terms are staggered in accordance with section 21-289 , at the applicable second or third annual shareholders' meeting following their election, except to the extent a shorter term is specified in the articles of incorporation in the event of a director nominee failing to receive a specified vote for election.

(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 next shareholders' meeting at which directors are elected.

(e)Except to the extent otherwise provided in the articles

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(MBCA 8.05) (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 or, if their terms are staggered in accordance
with section 21-289 , at the applicable second or third annual shareholders'
meeting following their election, except to the extent a shorter term is specified
in the articles of incorporation in the event of a director nominee failing
to receive a specified vote for election.
(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 next shareholders' meeting at which directors are elected.
(e) Except to the extent
otherwise provided in the articles of incorporation, despite the expiration
of a director's term, the director continues to serve until the director's
successor is elected and qualifies or there is a decrease in the number of
directors.