[§414D-135]  Terms of directors generally. (a)  The articles or bylaws shall specify the terms of directors.  Except fordesignated or appointed directors, the terms of directors may not exceed fiveyears.  In the absence of any term specified in the articles or bylaws, theterm of each director shall be one year.  Directors may be elected forsuccessive terms.

(b)  A decrease in the number of directors orterm of office does not shorten an incumbent director's term.

(c)  Except as provided in the articles orbylaws:

(1)  The term of a director filling a vacancy in theoffice of a director elected by members expires at the next election ofdirectors by members; and

(2)  The term of a director filling any other vacancyexpires at the end of the unexpired term that the director is filling.

(d)  Despite the expiration of a director'sterm, the director continues to serve until the director's successor iselected, designated, or appointed and qualifies, or until there is a decreasein the number of directors. [L 2001, c 105, pt of §1]