(b) The terms of all other directors expire at the next annual shareholders’ meeting following their election unless their terms are staggered under section 8.06 of this title. (c) A decrease in the number of directors does not shorten an incumbent director’s term.(d) The term of a director elected to fill a vacancy shall be elected for the unexpired term of the director’s predecessor in office. (e) Despite the expiration of a director’s term, the director continues to serve until the director’s successor is elected and qualifies or until there is a decrease in the number of directors. (Added 1993, No. 85, § 2, eff. Jan. 1, 1994.)
Vermont Legal Code