1. The management of the affairs of the corporation shall be administered by a board of directors. In the first instance, the directors, not less than nine, shall be elected by the incorporators to serve until the first annual meeting. Thereafter, the board of directors shall be composed of not less than fifteen persons who shall be residents of this state. Each congressional district shall have at least one director and not more than two directors shall be residents of any one congressional district.

2. If a vacancy occurs in the board of directors through death, resignation or otherwise, the remaining directors may elect a qualified person to fill the vacancy until the next annual meeting of stockholders.

Terms Used In Missouri Laws 371.110

  • 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.
  • person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
  • State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020

3. The directors shall hold office until their successors are elected and qualified.

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