CHAPTER 4. TERM OF OFFICE OF DIRECTORS

IC 8-4-4
    Chapter 4. Term of Office of Directors

IC 8-4-4-1
Term of office; termination at election
    Sec. 1. It shall be lawful for the board of directors of any railwaycompany whose road passes through this state into adjoining states,by lot or otherwise, to so classify the members thereof, thatone-fourth (1/4) (as near as may be) shall terminate their officialterms as directors at the first annual election thereafter, andone-fourth (1/4) at each subsequent election; and after being thusclassified, the stock and bondholders shall elect only the number ofthe board of directors necessary to fill the vacancies created by theexpiration of the period of services fixed as aforesaid.
(Formerly: Acts 1869(ss), c.50, s.1.)