490.805 Terms of directors generally.
1. The terms of the initial directors of a corporation expire at the first shareholders’ meeting at which directors are elected.
2. a. The terms of all other directors expire at the next annual shareholders’ meeting following their election unless their terms are staggered under section 490.806.
b. (1) Notwithstanding paragraph “a”, for a public corporation subject to section 490.806A, subsection 1, or section 490.806B, the terms of directors shall be staggered as provided in section 490.806A, subsection 1, or may be staggered as provided in section 490.806B.
(2) This paragraph “b” is repealed on January 1, 2022.
3. A decrease in the number of directors does not shorten an incumbent director’s term.
4. a. The term of a director elected to fill a vacancy expires at the next shareholders’ meeting at which directors are elected.
b. (1) Notwithstanding paragraph “a”, for a public corporation subject to section 490.806A, subsection 1, or section 490.806B, the term of a director elected to fill a vacancy expires as provided in section 490.806A, subsection 1, or section 490.806B.
(2) This paragraph “b” is repealed on January 1, 2022.
5. Despite the expiration of a director’s term, the director continues to serve until a successor for that director is elected and qualifies or until there is a decrease in the number of directors.
89 Acts, ch 288, §76; 2011 Acts, ch 2, §4, 10; 2018 Acts, ch 1015, §2
Subsections 2 and 4 amended
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