15A:6-4 - Classification of trustees; restriction of right to choose trustees - New Jersey Statutes

15A:6-4.  Classification of trustees;  restriction of right to choose trustees
    a.  As to trustees to be elected by the members or by the board of trustees,  a corporation may provide in its certificate of incorporation or its bylaws for  the classification of its trustees in respect to the time for which they shall  severally hold office, but a class of trustees shall not hold office for a term  shorter than 1 year or longer than 6 years.  The term of office of at least one  class shall expire every 2 years.  A classification of trustees shall not be  effective prior to the first annual or biennial meeting of members or the board  of trustees.

    b.  Any corporation having more than one class of members may provide in its  certificate of incorporation or its bylaws for the election of one or more  trustees by the members of any class to the exclusion of members of other  classes of members.

     L.1983, c. 127, s. 15A:6-4, eff. Oct. 1, 1983.