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2004 SESSION
046556464Be it enacted by the General Assembly of Virginia:
1. That § 13.1-857 of the Code of Virginia is amended and reenacted as follows:
§ 13.1-857. Terms of directors generally.
A. In the absence of a provision in the articles of incorporation [ or the
bylaws ] fixing a term of office, the term of office for a director shall be
one year.
B. The directors constituting the initial board of directors shall hold office
until the first annual election of directors or for such other period as may be
specified in the articles of incorporation. Thereafter, directors shall be
elected or appointed in the manner and for the terms provided in the articles
of incorporation [ or the bylaws ] .
C. A decrease in the number of directors does not shorten an incumbent director's term.
D. The [ Unless otherwise provided In the absence of a provision ] in the
articles of incorporation [ or the bylaws ] , the term of a director elected by
the board of directors to fill a vacancy expires at the next members' meeting at which directors are elected.
E. Except in the case of ex-officio directors, despite the expiration of a director's term, he continues to serve until his successor is elected and qualifies or until there is a decrease in the number of directors.