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 the next annual shareholders' meeting following their election unless the directors' terms are staggered under section 6 of this chapter.
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.14-1992, SEC.163.