15A:6-4 - Classification of trustees;Ā restriction of right to choose trustees
15A:6-4.Ā Classification of trustees;Ā restriction of right to choose trustees
a.Ā As to trustees to be elected by the members or by the board of trustees,Ā a corporation may provide in its certificate of incorporation or its bylaws forĀ the classification of its trustees in respect to the time for which they shallĀ severally hold office, but a class of trustees shall not hold office for a termĀ shorter than 1 year or longer than 6 years.Ā The term of office of at least oneĀ class shall expire every 2 years.Ā A classification of trustees shall not beĀ effective prior to the first annual or biennial meeting of members or the boardĀ of trustees.
b.Ā Any corporation having more than one class of members may provide in itsĀ certificate of incorporation or its bylaws for the election of one or moreĀ trustees by the members of any class to the exclusion of members of otherĀ classes of members.
L.1983, c. 127, s. 15A:6-4, eff. Oct. 1, 1983.
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a.Ā As to trustees to be elected by the members or by the board of trustees,Ā a corporation may provide in its certificate of incorporation or its bylaws forĀ the classification of its trustees in respect to the time for which they shallĀ severally hold office, but a class of trustees shall not hold office for a termĀ shorter than 1 year or longer than 6 years.Ā The term of office of at least oneĀ class shall expire every 2 years.Ā A classification of trustees shall not beĀ effective prior to the first annual or biennial meeting of members or the boardĀ of trustees.
b.Ā Any corporation having more than one class of members may provide in itsĀ certificate of incorporation or its bylaws for the election of one or moreĀ trustees by the members of any class to the exclusion of members of otherĀ classes of members.
L.1983, c. 127, s. 15A:6-4, eff. Oct. 1, 1983.
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