10-806. Staggered terms for directors
The articles of incorporation may provide for staggering the directors' terms of
office by dividing the total number of directors into two, three or, to the extent not
inconsistent with cumulative voting rights, more groups, with each group having at least
three directors and each group containing as equal a number of directors as is
possible. The term of office of the directors in the first group expires at the first
annual shareholders' meeting following their election, the term of office of the
directors in the second group expires at the second annual shareholders' meeting
following their election, and the term of office of the directors in the third or other
additional group, if any, expires at the third or other appropriate subsequent annual
shareholders' meeting following their election. At each annual shareholders' meeting
held after the division of the directors into groups, directors shall be elected to hold
office until the second succeeding annual meeting, if there are two groups, until the
third succeeding annual meeting, if there are three groups, or until the appropriate
succeeding annual meeting, if there are more than three groups.
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