§18-907. Board of directors.
157 words·~1 min read·
/ok/title-18-corporations/18-907·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The business and affairs of a corporation shall be conducted by a board of directors. The number of directors shall be a multiple of three with a minimum of fifteen and a maximum of twenty-one. Two- thirds of the directors shall be elected by the members, and one- third shall be elected by the stockholders. One-third of the original board shall be elected for a term of one
(1)year, one- third for a term of two
(2)years, and one-third for a term of three
(3)years; all directors subsequently elected shall serve for a term of three
(3)years. Any vacancy in the office of a director elected by the members shall be filled by the directors elected by the members, and any vacancy in the office of a director elected by the stockholders shall be filled by the directors elected by the stockholders.
Laws 1970, c. 187, § 7, emerg. eff. April 13, 1970.