Section 23-1-33-5 - Terms of office(a) The terms of the initial directors of a corporation expire at the first shareholders' meeting at which directors are elected.(b) The terms of all other directors expire at:(2) if the director's terms are staggered in accordance with section 6 of this chapter, the applicable second or third; annual shareholders' meeting following their election.
(c) A decrease in the number of directors does not shorten an incumbent director's term.(d) The term of a director elected to fill a vacancy expires at the end of the term for which the director's predecessor was elected.(e) Despite the expiration of a director's term, the director continues to serve until a successor is elected and qualifies or until there is a decrease in the number of directors.Amended by P.L. 118-2017,SEC. 12, eff. 1/1/2018.As added by P.L. 149-1986, SEC.17. Amended by P.L. 133-2009, SEC.23.