Louisiana Revised Statutes 12:1-805 – A. The terms of the initial directors of a corporation expire at the first shareholders’ meeting at which directors are elected.
Terms Used In Louisiana Revised Statutes 12:1-805
- 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.
A. The terms of the initial directors of a corporation expire at the first shareholders’ meeting at which directors are elected.
B. The terms of all other directors expire at the next, or if their terms are staggered in accordance with La. Rev. Stat. 12:1-806, at the applicable second or third, annual shareholders’ meeting following their election, except to the extent provided in a bylaw authorized by La. Rev. Stat. 12:1-1022 or a shorter term is specified in the articles of incorporation in the event of a director nominee failing to receive a specified vote for election.
C. A decrease in the number of directors does not shorten an incumbent director’s term.
D. The term of a director elected to fill a vacancy expires when the term of that director’s predecessor in office would have expired had the vacancy not occurred.
E. Except to the extent otherwise provided in the articles of incorporation or a bylaw authorized by La. Rev. Stat. 12:1-1022, despite the expiration of a director’s term, the director continues to serve until the director’s successor is elected and qualifies or there is a decrease in the number of directors.
Acts 2014, No. 328, §1, eff. Jan. 1, 2015; Acts 2016, No. 442, §1.