Arizona Laws 10-3805. Terms of directors generally
A. The terms of the initial directors of a corporation expire at the first election, appointment or designation of directors as provided in section 10-3804.
Terms Used In Arizona Laws 10-3805
- Articles of incorporation: means the original or restated articles of incorporation or articles of merger and all amendments to the articles of incorporation or merger and includes amended and restated articles of incorporation and articles of amendment and merger. See Arizona Laws 10-140
- Bylaws: means the code of rules adopted for the regulation or management of the affairs of the corporation irrespective of the name by which those rules are designated. See Arizona Laws 10-140
- 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.
B. The articles of incorporation or bylaws shall specify the terms of directors. In the absence of any term specified in the articles of incorporation or bylaws, the term of each director is one year. Unless otherwise provided in the articles of incorporation or bylaws, directors may be elected for successive terms.
C. A decrease in the number of directors or term of office does not shorten the term of any incumbent director.
D. Except as provided in the articles of incorporation or bylaws:
1. The term of a director elected to fill a vacancy in the office of a director elected by members expires at the next election of directors by members.
2. The term of a director elected to fill any other vacancy expires at the end of the unexpired term that the director is filling.
E. Despite the expiration of a director’s term, a director shall continue to hold office until the director’s successor is elected, designated or appointed and qualifies, until the director’s resignation or removal or until there is a decrease in the number of directors.