Vacancy in the Board of Directors

Part of the Cooperative v. Corporation series by Manzanares & Partners Law Offices, supported by The Co-operative Register, The Co-operative Knowledgebase, The New Co-operator, and Domain Name Register, Inc. To support or contribute to this series, kindly message us thru our contact page. Thank you.

Cooperatives

Any vacancy in the board of directors, other than by expiration of term, may be filled by the vote of at least a majority of the remaining directors, if still constituting a quorum; otherwise, the vacancy must be filled by the general assembly in a regular or special meeting called for the purpose. A director so elected to fill a vacancy shall serve only the unexpired term of his predecessor in office. (Cooperative Code, Art. 41. Vacancy in the Board of Directors)

Corporations

Any vacancy occurring in the board of directors or trustees other than by removal by the stockholders or members or by expiration of term, may be filled by the vote of at least a majority of the remaining directors or trustees, if still constituting a quorum; otherwise, said vacancies must be filled by the stockholders in a regular or special meeting called for that purpose. A director or trustee so elected to fill a vacancy shall be elected only or the unexpired term of his predecessor in office.

Any directorship or trusteeship to be filled by reason of an increase in the number of directors or trustees shall be filled only by an election at a regular or at a special meeting of stockholders or members duly called for the purpose, or in the same meeting authorizing the increase of directors or trustees if so stated in the notice of the meeting. (Corporation Code, Sec. 29. Vacancies in the office of director or trustee)

Leave a comment