[§414-196]  Staggered terms for directors. 
If there are nine or more directors, the articles of incorporation may provide
for staggering their terms by dividing the total number of directors into two
or three groups, with each group containing one-half or one-third of the total,
as near as may be.  In that event, the terms of directors in the first group
expire at the first annual shareholders' meeting after their election, the
terms of the second group expire at the second annual shareholders' meeting after
their election, and the terms of the third group, if any, expire at the third
annual shareholders' meeting after their election.  At each annual
shareholders' meeting held thereafter, directors shall be chosen for a term of
two years or three years, as the case may be, to succeed those whose terms
expire. [L 2000, c 244, pt of §1]