Tap any paragraph to write a margin note. Your notes collect in the Desk below the text and file under cases with @. The side-by-side margin rail opens on a larger screen.

§
Marginalia
Code · Pennsylvania · Title 15 — CORPORATIONS AND UNINCORPORATED ASSOCIATIONS · Chapter 17

§ 1724. Term of office of directors.

321 words·~1 min read·/pa/title-15/chapter-17/1724

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

§ 1724. Term of office of directors.
(a)General rule.-- Each director of a business corporation shall hold office until the expiration of the term for which the director was selected and until a successor has been selected and qualified or until the director's earlier death, resignation or removal. Each director shall be selected for the term of office provided in the bylaws, which shall be one year unless the board is classified as provided by subsection (b). A decrease in the number of directors shall not have the effect of shortening the term of any incumbent director.
(b)Classified board of directors.-- Except as otherwise provided in the articles, if the directors are classified in respect of the time for which they shall severally hold office:
(1)Each class shall be as nearly equal in number as possible.
(2)The term of office of at least one class shall expire in each year.
(3)The members of a class shall not be elected for a longer period than four years.
(c)Resignation.-- A director may resign at any time upon notice in record form to the corporation. A resignation that is not conditioned upon acceptance by the board of directors shall be effective upon receipt by the corporation of the notice of resignation, unless the notice specifies a later effective time or an effective time determined upon the happening of an event or events. If a resignation is conditioned upon its acceptance by the board, a decision by the board to accept or reject the resignation shall be made by the board in accordance with Subchapter B (relating to fiduciary duty).
15c1724v
(Dec. 19, 1990, P.L.834, No.198, eff. imd.; Nov. 3, 2022, P.L.1791, No.122, eff. 60 days)
2022 Amendment. Act 122 amended subsec.
(a)and added subsec. (c).
1990 Amendment. Act 198 amended subsec. (b).
Cross References. Section 1724 is referred to in sections 1725, 1726 of this title.
15c1725s
★   the supreme law of the land   ★
Don't Tread on Me
E Pluribus Unum — out of many, one

"If you don't know your rights, you don't have any."

Marginalia · a citizen's law index
A research desk, not legal advice. Always read the cited source before relying on a summary.
Questions or an issue? support@self-law.org
disclaimerMarginalia is a research index, not a law firm. Nothing on this site is legal, tax, or financial advice and no attorney–client relationship is formed by using it. Statutes, regulations, and case law change; summaries, search results, AI output, and member posts may be incomplete, out of date, or wrong. Any interpretation drawn from material on this site should be validated by a licensed attorney in your jurisdiction before you act on it.