Sec. 67.005. DIRECTORS. (a) A corporation may not have more than 21 directors.
(b) The corporation may increase the number of directors by amendment to the bylaws but may not exceed the limit imposed by Subsection (a).
(c) The bylaws of the corporation may provide that directors serve staggered terms of approximately two or three years.
(d) At the first annual meeting of the shareholders, the directors shall be divided into two or three classes according to the length of the terms the directors serve. The classification of directors may not take effect before that meeting.
(e) The division of the directors and the corresponding terms must be set so that:
(1) one-half of the directors, as nearly as possible, are elected annually, if a two-year term is provided; or
(2) one-third of the directors, as nearly as possible, are elected annually, if a three-year term is provided.
(f) After the implementation of two-year or three-year terms for directors, as directors' terms expire, the members shall elect their successors to serve until the second or third succeeding annual meeting after their election, as appropriate.
Added by Acts 1997, 75th Leg., ch. 166, Sec. 2, eff. Sept. 1, 1997.
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