§ 55A-8-05. Terms of directors generally. - North Carolina Statutes

§55A‑8‑05.  Terms of directors generally.

(a)        The articles ofincorporation or bylaws may specify the terms of directors. In the absence of acontrary provision in the articles of incorporation or bylaws, the term of eachdirector shall be one year, and directors may serve successive terms.

(b)        A decrease in thenumber of directors or term of office does not shorten an incumbent director'sterm.

(c)        Except as providedin the articles of incorporation or bylaws:

(1)        The term of adirector filling a vacancy in the office of a director elected by membersexpires at the next election of directors by members; and

(2)        The term of adirector filling any other vacancy expires at the end of the unexpired termthat such director is filling.

(d)        Despite theexpiration of a director's term, the director continues to serve until thedirector's successor is elected, designated, or appointed and qualifies, oruntil there is a decrease in the number of directors. (1955,c. 1230; 1973, c. 192, ss. 1, 2; 1985 (Reg. Sess., 1986), c. 801, ss. 19‑21;1993, c. 398, s. 1; 1995, c. 509, s. 28.)