HarryJ1 (Florida)
Posts: 4
Posts: 4
Posted:
Our bylaws say that a director's term of office extends until a successor is elected to replace him. This is raising issues and I'm curious if anyone has some advise. We had we had 7 directors and then had our annual meeting and election. Only 5 of the 7 chose to run, but the two who did not want to run did not actually resign. So, one thought is that the 2 old directors' terms continue beyond the annual meeting and that they need to actually resign for them to be considered no longer on the board. Other thinking is that the annual meeting and valid election automatically ends the term of all directors who choose not to run for the board.
Anyone see anything similar? Our bylaws are 32 years old, but have survived and still serve us well.
Anyone see anything similar? Our bylaws are 32 years old, but have survived and still serve us well.