673.207 - Directors: Number; filling of vacancies; amendment of bylaws. - Nevada Statutes

673.207  Directors: Number; filling of vacancies; amendment of bylaws.

      1.  The business and affairs of every association must be managed and controlled by a board of not less than five nor more than 25 directors, of which not more than a minority, but not more than three, may be full-time officers of the association. The persons designated in the articles of incorporation are the first directors.

      2.  Vacancies in the board of directors must be filled by vote of the stockholders at the annual meetings or at a special meeting called for that purpose. The board of directors may fill vacancies occurring on the board, such appointees to serve until the next annual meeting of the stockholders.

      3.  The board of directors of any association may amend the bylaws of the association.

      (Added to NRS by 1967, 1020; A 1969, 961; 1975, 372; 1981, 61)