Kentucky Statutes 271B.8-050 – Terms of directors generally
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(1) The terms of the initial directors of a corporation shall expire at the first shareholders’ meeting at which directors are elected.
(2) The terms of all other directors shall expire at the next annual shareholders’ meeting following their election unless their terms are staggered under KRS § 271B.8-060.
(3) A decrease in the number of directors shall not shorten an incumbent director’s term.
(4) For a corporation the directors of which are divided into groups under KRS § 271B.8-
060, any director filling a vacancy under KRS § 271B.8-100 shall hold office until the next election of the group in which the director is filling the vacancy, and until his or her successor shall be elected and qualified.
(5) Despite the expiration of a director’s term, he shall continue to serve until his successor is elected and qualifies or until there is a decrease in the number of directors.
Effective: June 21, 2001
History: Amended 2001 Ky. Acts ch. 130, sec. 1, effective June 21, 2001. — Created
1988 Ky. Acts ch. 23, sec. 72, effective January 1, 1989.
(2) The terms of all other directors shall expire at the next annual shareholders’ meeting following their election unless their terms are staggered under KRS § 271B.8-060.
Terms Used In Kentucky Statutes 271B.8-050
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
(3) A decrease in the number of directors shall not shorten an incumbent director’s term.
(4) For a corporation the directors of which are divided into groups under KRS § 271B.8-
060, any director filling a vacancy under KRS § 271B.8-100 shall hold office until the next election of the group in which the director is filling the vacancy, and until his or her successor shall be elected and qualified.
(5) Despite the expiration of a director’s term, he shall continue to serve until his successor is elected and qualifies or until there is a decrease in the number of directors.
Effective: June 21, 2001
History: Amended 2001 Ky. Acts ch. 130, sec. 1, effective June 21, 2001. — Created
1988 Ky. Acts ch. 23, sec. 72, effective January 1, 1989.