2006 Code of Virginia § 13.1-677 - Terms of directors generally

13.1-677. Terms of directors generally.

A. The terms of the initial directors of a corporation expire at the firstshareholders' meeting at which directors are elected.

B. The terms of all other directors expire at the next annual shareholders'meeting following their election unless their terms are staggered under 13.1-678.

C. A decrease in the number of directors does not shorten an incumbentdirector's term.

D. The term of a director elected by the board of directors to fill a vacancyexpires at the next shareholders' meeting at which directors are elected.

E. Despite the expiration of a director's term, he continues to serve untilhis successor is elected and qualifies or until there is a decrease in thenumber of directors, if any.

F. Notwithstanding the foregoing provisions, the terms of the directors of acorporation registered under the Investment Company Act of 1940 shall expireaccording to, and otherwise be governed by, the provisions of the InvestmentCompany Act of 1940.

(Code 1950, 13.1-36; 1956, c. 428; 1968, c. 87; 1973, c. 50; 1974, c. 662;1977, c. 123; 1982, c. 104; 1985, c. 522; 1990, c. 228; 2005, c. 765.)