Note: This version of section effective until 1-1-2018. See also following version of this section, effective 1-1-2018.

1. (b) Unless the bylaws of a corporation specify otherwise as provided under IC 23-1-39-4 or a shorter term is specified in the bylaws for a director nominee failing to receive a specified vote for election, 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.

2. (c) A decrease in the number of directors does not shorten an incumbent director's term.
3. (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.
4. (e) Unless the bylaws of a corporation specify otherwise as provided under IC 23-1-39-4 , 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.

Sec. 5. (a) The terms of the initial directors of a corporation expire at the first shareholders' meeting at which directors are elected.

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