§ 7003. Election and tenure of directors. 1. At each annual meeting of stockholders of a corporation, the stockholders shall elect directors to hold office until the next annual meeting except as authorized by section seven thousand four of this article. The organization certificate may provide for the election of one or more directors by the holders of the stock of any class or series, voting as a class.

Terms Used In N.Y. Banking Law 7003

  • Director: means any member of the governing board of a corporation, whether designated as director, trustee, manager, governor, or by any other title. See N.Y. Banking Law 1001
  • Office: means in the case of a bank or trust company its principal office, in the case of a safe deposit company, investment company or mutual trust investment company, its principal place of business and in the case of a foreign corporation the place of business designated in its license or its authorization pursuant to article five-C of this chapter, as the case may be, for the oldest agency or branch in this state of such foreign corporation. See N.Y. Banking Law 1001
  • Organization certificate: includes (a) the original organization certificate or any other instrument filed or issued under any statute to form a corporation or foreign corporation, as amended, supplemented or restated by certificates of amendment, merger or consolidation or other certificates or instruments filed or issued under any statute; or (b) a special act or charter creating a corporation or foreign corporation, as amended, supplemented or restated by special acts or by certificates of amendment, merger or consolidation or other certificates or instruments filed or issued under any statute. See N.Y. Banking Law 1001

2. Each director shall, unless sooner removed or disqualified, hold office until the expiration of the term for which he is elected, and until his successor has been elected and qualified.

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