1. (a) The terms of the initial directors of a corporation expire at the first shareholders' meeting at which directors are elected.

2. (b) The terms of all other directors expire at:

   1. (1) the next; or

   2. (2) if the director's terms are staggered in accordance with section 6 of this chapter, the applicable second or third;

      annual shareholders' meeting following their election.

3. (c) A decrease in the number of directors does not shorten an incumbent director's term.
4. (d) The term of a director elected to fill a vacancy expires at the end of the term for which the director's predecessor was elected.
5. (e) Despite the expiration of a director's term, the director continues to serve until a successor is elected and qualifies or until there is a decrease in the number of directors.

As added by P.L.149-1986, SEC.17. Amended by P.L.133-2009, SEC.23; P.L.118-2017, SEC.12.