Ohio Code 3913.07 – Term of directors or trustees
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In order to secure continuity of membership in its board of directors or trustees, the articles of incorporation of any mutual life insurance corporation may provide for division of the board into not more than three classes, as nearly equal in number as possible, and may fix the term of office for each class.
Terms Used In Ohio Code 3913.07
- 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.
Unless such provision is made in the articles of incorporation, all directors and trustees shall be elected annually.