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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 371

Effective - 28 Aug 1963 bottom

  371.110.  Board of directors to manage corporation — number, terms. — 1.  The management of the affairs of the corporation shall be administered by a board of directors.  In the first instance, the directors, not less than nine, shall be elected by the incorporators to serve until the first annual meeting.  Thereafter, the board of directors shall be composed of not less than fifteen persons who shall be residents of this state.  Each congressional district shall have at least one director and not more than two directors shall be residents of any one congressional district.

  2.  If a vacancy occurs in the board of directors through death, resignation or otherwise, the remaining directors may elect a qualified person to fill the vacancy until the next annual meeting of stockholders.

  3.  The directors shall hold office until their successors are elected and qualified.

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(L. 1961 p. 157 § 9, A.L. 1963 p. 478)


---- end of effective   28 Aug 1963 ----

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