§ 58-7-45. Bylaws; classification and election of directors; amendments. - North Carolina Statutes

§58‑7‑45.  Bylaws; classification and election of directors;amendments.

(a)        A domestic companymay adopt bylaws for the conduct of its business that are not repugnant to lawor its articles of incorporation and therein provide for the division of itsboard of directors into two, three, or four classes, and the election thereofat its annual meetings so that the members of one class only shall retire andtheir successors be chosen each year.  Vacancies in any such class may befilled by election by the board for the unexpired term.

(b)        Any change in thebylaws of a domestic company shall be promptly filed with the Commissioner. (1899,c. 54, s. 22; Rev., s. 4724; C.S., s. 6330; 1993, c. 504, s. 5.)