§ 564-f-10-1005

564-F:10-1005 Appointment and Term. – (a) The initial directors shall be appointed by: (1) The organizers; or (2) The founder. (b) After the appointment of the initial directors, any additional or successor director shall be appointed: (1) In accordance with the provisions of the governing documents governing the appointment of directors; or (2) If the governing documents do not contain any provision for the appointment of directors, by: (A) The directors; or (B) An amendment of the governing documents. (c) Unless the governing documents provide otherwise, the duration of a director's term shall be indefinite and shall terminate only upon: (1) In the case of a director who is an individual, the director's incapacity, death, resignation, or removal; or (2) In the case of a director that is an entity, the director's dissolution, resignation, or removal. Source. 2017, 257:47, eff. Oct. 1, 2017. 2018, 210:6, eff. June 8, 2018.