Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-63. Term of office of directors; vacancies; classification of directors

(a) Each director shall hold office for the term for which he is elected and until his successor shall have been duly elected and qualified. Directors shall be elected by the members for a term of one year except as otherwise provided in this article or in the articles or the bylaws.

(b) Except as otherwise provided in the articles or bylaws, vacancies in the board of directors may be filled by the remaining members of the board even though less than a quorum. Each person so designated as a director shall serve as such director for the unexpired term to which he is appointed.

(c) Directors may be classified, pursuant to the provisions of the articles or bylaws, according to the time for which they shall severally hold office, except that the directors named in the articles shall serve only until the first annual meeting of members. Each class shall be as nearly equal in number as possible, the term of office of at least one class shall expire in each year and the members of a class shall not be elected for a shorter period than one year or a longer period than four years. If directors of more than one class are to be elected at a meeting of members there shall be a separate election for each class of directors to be elected at the meeting.