31A-5-408 - Election and removal of directors and officers of stock corporations.
31A-5-408. Election and removal of directors and officers of stock corporations.
(1) Sections 16-10a-721, 16-10a-724, and 16-10a-728 apply to the voting of shares of astock corporation.
(2) At each annual meeting of shareholders, the shareholders shall elect directors to holdoffice until the next succeeding annual election, except as provided under Subsection (3) or (4). Each director shall hold office for the term for which he is elected and until his successor iselected and qualified, if qualification is required.
(3) Sections 16-10a-808 and 16-10a-832 apply to removal of directors and officers of astock corporation.
(4) Each director shall be subject to election at least once every three years.
(5) A vacancy in the board of directors may be filled by the affirmative vote of a majorityof the remaining directors even though the number of remaining directors is less than a quorum. The director elected through this process shall serve only until the next regular shareholdersmeeting at which a director's election may be held.
Amended by Chapter 277, 1992 General Session