§ 8.06.
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/vt/8-06-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 8.06. Staggered terms for directors
The articles of incorporation or bylaws may provide for staggering the terms of directors by dividing the total number of directors into two, three, four, five, or six groups, with each group containing one-half, one-third, one-quarter, one-fifth or one-sixth of the total, as near as may be. In that event, the terms of the directors in the first group expire at the first annual members’ meeting after their election, the terms of the second group expire at the second members’ meeting after their election, and the terms of the third group, fourth group, fifth group, and sixth group, if any, expire at the third, fourth, fifth, or sixth annual members’ meeting after their election.
At each annual members’ meeting held thereafter, directors shall be chosen for a term not to exceed six years, as the case may be, to succeed those whose terms expire. (Added 1995, No. 179 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)