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Texas Insurance Code - INS § 841.154. Staggered Terms for Directors

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) Repealed by Acts 2021, 87th Leg., ch. 380 (S.B. 918), § 5.

(b) The bylaws of a domestic insurance company may provide that the company's directors, other than initial directors, may be elected to serve staggered terms as provided by this section.

(c) The company's directors shall be divided into two or three classes, with each class consisting of an equal number of directors to the extent possible. After the directors are divided into classes:

(1) the terms of the directors in the first class expire on the first annual meeting date after their initial election;

(2) the terms of the directors in the second class expire on the second annual meeting date after their initial election; and

(3) the terms of the directors in the third class, if any, expire on the third annual meeting date after their initial election.

(d) At each annual meeting after the directors are first elected, the shareholders shall elect the number of directors whose terms expire on that date. Directors are elected for:

(1) staggered two-year terms, if the board is divided into two classes; or

(2) staggered three-year terms, if the board is divided into three classes.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 841.154. Staggered Terms for Directors - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-841-154/

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