21-288. Terms of directors generally.
166 words·~1 min read·
/ne/chapter-21/21-288A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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.