§ 8.06. Staggered terms for directors
The articles of incorporation may provide for staggering their terms by dividing the total number of directors into two, three, four, or five groups, with each group containing one-half, one-third, one-quarter, or one-fifth of the total, as near as may be. In that event, the terms of directors in the first group expire at the first annual shareholders’ meeting after their election, the terms of the second group expire at the second annual shareholders’ meeting after their election, and the terms of the third group, fourth group, and fifth group, if any, expire at the third, fourth, or fifth annual shareholders’ meeting after their election. At each annual shareholders’ meeting held thereafter, directors shall be chosen for a term not to exceed five years, as the case may be, to succeed those whose terms expire. (Added 1993, No. 85, § 2, eff. Jan. 1, 1994.)
Structure Vermont Statutes
Title 11A - Vermont Business Corporations
Chapter 8 - Directors and Officers
§ 8.01. Requirement for and duties of board of directors
§ 8.02. Qualifications of directors
§ 8.03. Number and election of directors
§ 8.04. Election of directors by certain classes of shareholders
§ 8.05. Terms of directors generally
§ 8.06. Staggered terms for directors
§ 8.07. Resignation of directors
§ 8.08. Removal of directors by shareholders
§ 8.09. Removal of directors by judicial proceeding
§ 8.11. Compensation of directors
§ 8.21. Action without meeting
§ 8.30. General standards for directors
§ 8.33. Liability for unlawful distributions; statute of limitations
§ 8.43. Resignation and removal of officers
§ 8.44. Contract rights of officers
§ 8.50. Subchapter definitions
§ 8.51. Authority to indemnify
§ 8.52. Mandatory indemnification
§ 8.54. Court-ordered indemnification
§ 8.55. Determination and authorization of indemnification
§ 8.56. Indemnification of officers, employees, and agents