(a) The articles of incorporation or, if the articles of incorporation so authorize, the bylaws may provide for staggering the board of directors' terms by dividing the total number of directors into either:(1) two (2) groups, with each group containing one-half (1/2) of the total, as near as may be; or(2) three (3) groups, with each group containing one-third (1/3) of the total, as near as may be.(b) If terms are staggered under subsection (a):(1) the terms of directors in the first group expire at the first annual shareholders' meeting after the directors' election;(2) the terms of the second group expire at the second annual shareholders' meeting after the directors' election; and(3) the terms of the third group, if any, expire at the third annual shareholders' meeting after the directors' election.At each annual shareholders' meeting held after the meetings specified in this subsection, directors shall be chosen for a term of two (2) years or three (3) years, as the case may be, to succeed those whose terms expire.As added by P.L.14-1992, SEC.163.
Indiana Legal Code