Arizona Laws 10-2104. Election, removal and meetings of trustees
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A. The trustees shall be elected annually and they shall severally hold office for one year and until their successors are elected, but the society may classify the trustees so that the term of office of one third of them shall expire each year, and when so classified the term of office of the trustees shall be three years and until their successors are elected. A trustee may be removed in accordance with the rules or by-laws of the society and vacancies may be filled for the remainder of the term.
Terms Used In Arizona Laws 10-2104
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Trustee: A person or institution holding and administering property in trust.
- trustees: means individuals, designated in the articles of incorporation or bylaws or elected by the incorporators, and their successors and individuals elected or appointed by any other name or title to act as members of the board. See Arizona Laws 10-3140
B. Any two of the trustees may call a meeting thereof, and a majority may transact business.