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Official Code of Georgia Annotated

Title 14. CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS · Chapter 2. BUSINESS CORPORATIONS · Article 8. DIRECTORS AND OFFICERS · Part 1. BOARD OF DIRECTORS

14-2-806. Staggered terms for directors.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. (a)

    The articles of incorporation or a bylaw adopted by the shareholders may provide for staggering the terms of directors by dividing the total number of directors into two or three groups. In that event, the terms of directors in the first group expire at the first annual shareholders’ meeting after their election, the terms of the second group expire at the second annual shareholders’ meeting after their election, and the terms of the third group, if any, expire at the third annual shareholders’ meeting after their election. At each annual shareholders’ meeting held thereafter, directors shall be chosen for a term of two years or three years, as the case may be, to succeed those whose terms expire.#

  2. (b)

    When the number of directors is increased and any newly created directorships are filled by the board, the terms of the additional directors shall expire at the next annual election of directors by the shareholders.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1981, § 14-2-806, enacted by Ga. L. 1988, p. 1070, § 1; Ga. L. 2016, p. 225, § 1-3/SB 128.

Law reviews

For article, ‘‘Some Distinctive Features of the Georgia Business Corporation Code,’’ 28 Ga. St. B.J. 101 (1991).

Other notes

The 2016 amendment, effective July 1, 2016, in subsection (a), in the first sentence, deleted ‘‘the’’ following ‘‘terms of’’, and deleted ‘‘, with each group containing one half or one third of the total, as near as may be’’ following ‘‘three groups’’; in subsection (b), deleted the introductory language which read: ‘‘If directors have staggered terms and the number of directors is thereafter changed:’’; deleted paragraph (b)(1), which read: ‘‘Any increase or decrease in the number of directors shall be so apportioned among the classes as to make all classes as nearly equal in number as possible; and’’; and deleted the paragraph (b)(2) designation.

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t14-(v12)-2017-pdf.pdf, Volume V12, 2017 edition, page 227; merge action: carried; file SHA-256 f2fad2b71b39.