Sec. 23.059. TERM OF OFFICE; VACANCY. (a) A director of a corporation holds office until the next annual election of directors and until a successor is elected and qualified, unless the director is removed at an earlier date in accordance with the corporation's bylaws.
(b) A vacancy in the office of a director elected by the members shall be filled by the directors elected by the members, and a vacancy in the office of a director elected by the shareholders shall be filled by the directors elected by the shareholders.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Structure Texas Statutes
Chapter 23 - Special-Purpose Corporations
Subchapter B. Business Development Corporations
Section 23.056. Certificate of Formation
Section 23.057. Management by Board of Directors; Number of Directors
Section 23.058. Election or Appointment of Directors
Section 23.059. Term of Office; Vacancy
Section 23.061. Participation as Owner
Section 23.062. Financial Institution as Member of Corporation
Section 23.063. Withdrawal of Member
Section 23.064. Powers of Shareholders and Members
Section 23.065. Voting by Shareholder or Member
Section 23.066. Loan to Corporation
Section 23.067. Prohibited Loan
Section 23.071. Annual Report; Provision of Required Information