Montana Code 35-14-805. Terms of directors generally
35-14-805. Terms of directors generally. (1) The terms of the initial directors of a corporation expire at the first shareholders’ meeting at which directors are elected.
Terms Used In Montana Code 35-14-805
- 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.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(2)The terms of all other directors expire at the next or, if their terms are staggered in accordance with 35-14-806, at the applicable second or third annual shareholders’ meeting following their election, except to the extent:
(a)provided in 35-14-1022 if a bylaw electing to be governed by that section is in effect; or
(b)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.
(3)A decrease in the number of directors does not shorten an incumbent director’s term.
(4)The term of a director elected to fill a vacancy expires at the next shareholders’ meeting at which directors are elected unless the bylaws state that a director elected or appointed to fill a vacancy is elected or appointed for the unexpired term of the director’s predecessor in office.
(5)Except to the extent otherwise provided in the articles of incorporation or under 35-14-1022 if a bylaw electing to be governed by that section is in effect, 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.