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2004 SESSION

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HB 884 Nonstock corporations; terms of directors.

Introduced by: Kenneth R. Plum | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED HOUSE:

Nonstock corporations; terms of directors. Provides that where the articles of incorporation of a nonstock corporation are silent, the term of a director elected by the board of directors to fill a vacancy expires at the next meeting at which directors are elected. Current law contains no provision allowing the articles of incorporation to govern this matter.

SUMMARY AS INTRODUCED:

Nonstock corporations; terms of directors. Provides that the bylaws of a nonstock corporation will have the same relevance in determining the term of a director as the articles of incorporation currently do. The bill also provides that the term of a director elected by the board of directors to fill a vacancy expires at the next meeting at which directors are elected only if there are no provisions in the articles of incorporation or the bylaws specifying when such vacancy will expire.