§ 23-17-219 - Board of directors -- Elections -- Term of office -- Vacancies. - Arkansas Statutes

23-17-219. Board of directors -- Elections -- Term of office -- Vacancies.

(a) The directors of a cooperative shall hold office until their terms expire or until their successors are elected and qualified.

(b) (1) At each annual meeting or, in case of failure to hold the annual meeting as specified in the bylaws, at a special meeting called for that purpose, the members shall elect directors to hold office for the term for which they are elected and until their successors have been elected and qualified.

(2) Instead of electing all of the directors annually, the bylaws may provide for staggered terms of no longer than nine (9) years for each director if approved at a meeting of the members.

(c) Any vacancy occurring in the board shall be filled by the remaining directors. Such persons so elected to fill a vacancy shall serve until the board of directors shall call for an election to elect a successor, and until the successor has been elected and qualified.