56-18-104 - Division of board of directors Classification Terms. - Tennessee Statutes

56-18-104. Division of board of directors Classification Terms.

In order to secure continuity of membership in its board of directors, the bylaws of the corporation may provide for division of the board into no more than seven (7) classes as nearly equal in number as possible, and may fix the term of office for each class. Unless such provision is made in the bylaws, all directors shall be elected annually.

[Acts 1949, ch. 91, § 9; C. Supp. 1950, § 6433.21 (Williams, § 6433.25); T.C.A. (orig. ed.), § 56-1605.]