Indiana Code 15-16-6-4. Directors; election; term
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Sec. 4. (a) If a majority of the members of the association are present at the time and place specified in the notice described in section 3 of this chapter, the members shall elect, by ballot, three (3) directors from among the membership of the association.
(1) One (1) director shall serve a term of one (1) year.
(b) The directors shall immediately determine by lot the directors’ initial terms of office, which are as follows:
Terms Used In Indiana Code 15-16-6-4
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) One (1) director shall serve a term of two (2) years.
(3) One (1) director shall serve a term of three (3) years.
(c) Except as provided in subsection (b), the term of a director is three (3) years. A director shall serve until a successor is elected and qualified.
(d) The directors shall call an annual meeting of the association members to elect a director. The directors shall provide notice of the meeting under section 3 of this chapter. The members shall meet at the time and place fixed by the directors.
[Pre-2008 Recodification Citation: 15-3-7-4.]
As added by P.L.2-2008, SEC.7.