271B.8-030 Number and election of directors.
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A board of directors shall consist of one (1) or more individuals, with the number
specified in or fixed in accordance with the articles of incorporation or bylaws.
If a board of directors has power to fix or change the number of directors, the board
may increase or decrease by thirty percent (30%) or less the number of directors last
approved by the shareholders, but only the shareholders may increase or decrease by
more than thirty percent (30%) the number of directors last approved by the
shareholders.
The articles of incorporation or bylaws may establish a variable range for the size of
the board of directors by fixing a minimum and maximum number of directors. If a
variable range is established, the number of directors may be fixed or changed from
time to time, within the minimum and maximum, by the shareholders or the board
of directors. After shares are issued, only the shareholders may change the range for
the size of the board or change from a fixed to a variable-range size board or vice
versa.
Directors shall be elected at the first annual shareholders' meeting and at each
annual meeting thereafter unless their terms are staggered under KRS 271B.8-060.
Effective: January 1, 1989
History: Created 1988 Ky. Acts ch. 23, sec. 70, effective January 1, 1989.
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