§ 17-16-806 — Staggered terms for directors

The articles of incorporation may provide for staggering the
terms of directors by dividing the total number of directors
into two (2) or three (3) groups, with each group containing
one-half (1/2) or one-third (1/3) of the total, as near as may
be practicable. In that event, the terms of directors in the
first group expire at the first annual shareholders' meeting
after their election, the terms of the second group expire at
the second annual shareholders' meeting after their election,
and the terms of the third group, if any, expire at the third
annual shareholders' meeting after their election. At each
annual shareholders' meeting held thereafter, 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.