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2019 Kentucky Revised Statutes
Chapter 271B - Business corporations
Subtitle 271B.8 - Directors and Officers
271B.8-030 Number and election of directors.

Universal Citation: KY Rev Stat § 271B.8-030 (2019)
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271B.8-030 Number and election of directors. (1) (2) (3) (4) (5) 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. Every director of a corporation, by acceptance of election or appointment as a director, including by service, shall be deemed to have consented to the jurisdiction of the courts of the Commonwealth of Kentucky for any action by, in the name of, or on behalf of the corporation. Effective: July 12, 2012 History: Amended 2012 Ky. Acts ch. 81, sec. 89, effective July 12, 2012. -- Created 1988 Ky. Acts ch. 23, sec. 70, effective January 1, 1989.
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