N.D. Cent. Code § 10-19.1-35

Current through 2024 Legislative Session
Section 10-19.1-35 - Terms of directors
1. With respect to length of terms:
a. Unless fixed terms are provided for in the articles or bylaws, a director serves for an indefinite term that expires at the next regular meeting of the shareholders.
(1) A fixed term of a director, other than an ex officio director, may not exceed five years.
(2) An ex officio director serves as long as the director holds the office or position designated in the articles or bylaws.
b. Unless the articles or bylaws provide otherwise, a director holds office until expiration of the term for which the director was elected or appointed and until a successor is elected and has qualified, or until the earlier death, resignation, removal, or disqualification of the director.
c. A decrease in the number of directors or term of office does not shorten an incumbent director's term.
d. Except as provided in the articles or bylaws, the term of a director filling a vacancy expires at the end of the unexpired term that the director is filling.
2. The articles or bylaws may provide for staggering the terms of directors by dividing the total number of directors into groups. The terms of office of the groups need not be uniform.

N.D.C.C. § 10-19.1-35