221.0605 Terms of directors generally.
(1) Expiration of term. The terms of the directors of a bank, including the initial directors, expire at the next annual shareholders' meeting unless their terms are staggered under s. 221.0606.
(2) Effect of decrease in number. A decrease in the number of directors may not shorten an incumbent director's term.
(3) Effect of expiration of term. Despite the expiration of a director's term, the director shall continue to serve, subject to ss. 221.0607 and 221.0608, until his or her successor is elected and, if necessary, qualifies or until there is a decrease in the number of directors.
History: 1995 a. 336.
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