CHAPTER 4. TERM OF OFFICE OF DIRECTORS
IC 8-4-4
Chapter 4. Term of Office of Directors
IC 8-4-4-1
Term of office; termination at election
Sec. 1. It shall be lawful for the board of directors of any railway
company whose road passes through this state into adjoining states,
by lot or otherwise, to so classify the members thereof, that
one-fourth (1/4) (as near as may be) shall terminate their official
terms as directors at the first annual election thereafter, and
one-fourth (1/4) at each subsequent election; and after being thus
classified, the stock and bondholders shall elect only the number of
the board of directors necessary to fill the vacancies created by the
expiration of the period of services fixed as aforesaid.
(Formerly: Acts 1869(ss), c.50, s.1.)