Section 355.331

Title XXIII CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS

Chapter 355

Effective - 28 Aug 2003   

  355.331.  Terms of directors, generally. — 1.  The articles or bylaws shall specify the terms of directors.  Except for designated or appointed directors, the terms of directors may not exceed six years.  In the absence of any term specified in the articles or bylaws, the term of each director shall be one year.  Directors may be elected for successive terms.

  2.  A decrease in the number of directors or term of office does not shorten an incumbent director's term.

  3.  Except as provided in the articles or bylaws:

  (1)  The term of a director filling a vacancy in the office of a director elected by members expires at the next election of directors by members; and

  (2)  The term of a director filling any other vacancy expires at the end of the unexpired term which such director is filling.

  4.  Despite the expiration of a director's term, the director continues to serve until the director's successor is elected, designated or appointed and qualifies, or until there is a decrease in the number of directors.

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(L. 1994 H.B. 1095, A.L. 1996 S.B. 768, A.L. 2003 S.B. 463)