§ 117-13. Board of directors; compensation; president and secretary. - North Carolina Statutes

§ 117‑13.  Board ofdirectors; compensation; president and secretary.

Each corporation formed under this Article shall have a board ofdirectors, in which management of the affairs of the corporation is vested. Thedirectors of the corporation, other than those named in its certificate ofincorporation, shall be elected annually by the members entitled to vote, butif the bylaws so provide the directors may be elected on a staggered‑termbasis: Provided, that the total number of directors on a board shall be sodivided that not less than one third of them, or as nearly thereto as theirdivision for that purpose will permit, shall be elected annually, and no termshall be longer than for three years; and provided further that, except as maybe necessary in inaugurating such a plan, all directors shall be elected forterms of equal duration. The directors shall be entitled to receive for theirservices only such compensation as is provided in the bylaws. The board shallelect annually from its own number a president and a secretary. The directorsmust be members of the corporation, except that for those corporations whoseprincipal purpose is to furnish bulk electric wholesale power supplies andwhose membership consists of other electric membership corporations, thedirectors may be members, directors, officers or managers of the membercorporations, and shall be elected by the member corporation's board ofdirectors. (1935, c. 291, s.8; 1959, c. 387, s. 1; 1969, c. 760; 1975, c. 314; 1979, c. 285, s. 2; 1981, c.478.)