{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/13.1-677.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/13.1-677.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/13.1-677.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/13.1-677.html"}],"law_id":81166,"edition_id":1,"section_id":81166,"structure_id":14362,"section_number":"13.1-677","catch_line":"Terms of directors generally","history":"Code 1950, \u00a7 13.1-36; 1956, c. 428; 1968, c. 87; 1973, c. 50; 1974, c. 662; 1977, c. 123; 1982, c. 104; 1985, c. 522; 1990, c. 228; 2005, c. 765; 2007, c. 165; 2019, c. 734.","full_text":"A\n\nThe terms of the initial directors of a corporation expire at the first shareholders&#8217; meeting at which directors are elected, unless their terms are staggered pursuant to &#xA7; 13.1-678, in which case the term shall expire at the applicable second or third annual shareholders&#8217; meeting.B\n\nThe terms of all other directors expire at the next, or if the terms are staggered pursuant to &#xA7; 13.1-678, at the applicable second or third annual shareholders&#8217; meeting following their election, except to the extent a shorter term is specified in the articles of incorporation in the event of a director nominee failing to receive a specified vote for election.C\n\nA decrease in the number of directors does not shorten an incumbent director&#8217;s term.D\n\nThe term of a director elected by the board of directors to fill a vacancy expires at the next shareholders&#8217; meeting at which directors are elected.E\n\nExcept to the extent otherwise provided in the articles of incorporation, despite the expiration of a director&#8217;s term, the director continues to serve until the director&#8217;s successor is elected and qualifies or until there is a decrease in the number of directors.F\n\nNotwithstanding the foregoing provisions, the terms of the directors of a corporation registered under the federal Investment Company Act of 1940 shall expire according to, and otherwise be governed by, the provisions of the federal Investment Company Act of 1940.","order_by":null,"text":{"0":{"id":290935,"text":"The terms of the initial directors of a corporation expire at the first shareholders&#8217; meeting at which directors are elected, unless their terms are staggered pursuant to &#xA7; 13.1-678, in which case the term shall expire at the applicable second or third annual shareholders&#8217; meeting.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":290936,"text":"The terms of all other directors expire at the next, or if the terms are staggered pursuant to &#xA7; 13.1-678, at the applicable second or third annual shareholders&#8217; meeting following their election, except to the extent a shorter term is specified in the articles of incorporation in the event of a director nominee failing to receive a specified vote for election.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":290937,"text":"A decrease in the number of directors does not shorten an incumbent director&#8217;s term.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":290938,"text":"The term of a director elected by the board of directors to fill a vacancy expires at the next shareholders&#8217; meeting at which directors are elected.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":290939,"text":"Except to the extent otherwise provided in the articles of incorporation, despite the expiration of a director&#8217;s term, the director continues to serve until the director&#8217;s successor is elected and qualifies or until there is a decrease in the number of directors.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"5":{"id":290940,"text":"Notwithstanding the foregoing provisions, the terms of the directors of a corporation registered under the federal Investment Company Act of 1940 shall expire according to, and otherwise be governed by, the provisions of the federal Investment Company Act of 1940.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E"}},"ancestry":[{"id":14362,"edition_id":1,"name":"Directors and Officers","identifier":"9","label":"article","depth":3,"order_by":1,"parent_id":12983,"metadata":{},"date_created":"2026-06-26 03:47:53","date_modified":"2026-06-26 03:47:53","permalink":{"id":151169,"object_type":"structure","relational_id":14362,"identifier":"9","token":"13.1\/9\/9","url":"\/13.1\/9\/9\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12983,"edition_id":1,"name":"Virginia Stock Corporation Act","identifier":"9","label":"chapter","depth":2,"order_by":1,"parent_id":12744,"metadata":{},"date_created":"2026-06-26 03:44:06","date_modified":"2026-06-26 03:44:06","permalink":{"id":150163,"object_type":"structure","relational_id":12983,"identifier":"9","token":"13.1\/9","url":"\/13.1\/9\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12744,"edition_id":1,"name":"Corporations","identifier":"13.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":147493,"object_type":"structure","relational_id":12744,"identifier":"13.1","token":"13.1","url":"\/13.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":79378,"structure_id":14362,"section_number":"13.1-673","catch_line":"Requirement for and duties of board of directors","url":"\/13.1-673\/","token":"13.1\/9\/9\/13.1-673","metadata":false},{"id":72148,"structure_id":14362,"section_number":"13.1-674","catch_line":"Qualifications for directors or for nominees for director","url":"\/13.1-674\/","token":"13.1\/9\/9\/13.1-674","metadata":false},{"id":55684,"structure_id":14362,"section_number":"13.1-675","catch_line":"Number and election of directors","url":"\/13.1-675\/","token":"13.1\/9\/9\/13.1-675","metadata":false},{"id":86056,"structure_id":14362,"section_number":"13.1-676","catch_line":"Election of directors by certain classes or series of shares","url":"\/13.1-676\/","token":"13.1\/9\/9\/13.1-676","metadata":false},{"id":81166,"structure_id":14362,"section_number":"13.1-677","catch_line":"Terms of directors generally","url":"\/13.1-677\/","token":"13.1\/9\/9\/13.1-677","metadata":false},{"id":71464,"structure_id":14362,"section_number":"13.1-678","catch_line":"Staggered terms for directors","url":"\/13.1-678\/","token":"13.1\/9\/9\/13.1-678","metadata":false},{"id":57845,"structure_id":14362,"section_number":"13.1-679","catch_line":"Resignation of directors","url":"\/13.1-679\/","token":"13.1\/9\/9\/13.1-679","metadata":false},{"id":63645,"structure_id":14362,"section_number":"13.1-680","catch_line":"Removal of directors by shareholders","url":"\/13.1-680\/","token":"13.1\/9\/9\/13.1-680","metadata":false},{"id":85998,"structure_id":14362,"section_number":"13.1-681","catch_line":"Repealed","url":"\/13.1-681\/","token":"13.1\/9\/9\/13.1-681","metadata":false},{"id":69281,"structure_id":14362,"section_number":"13.1-681.1","catch_line":"Removal of directors by judicial proceeding","url":"\/13.1-681.1\/","token":"13.1\/9\/9\/13.1-681.1","metadata":false},{"id":74760,"structure_id":14362,"section_number":"13.1-682","catch_line":"Vacancy on board of directors","url":"\/13.1-682\/","token":"13.1\/9\/9\/13.1-682","metadata":false},{"id":56181,"structure_id":14362,"section_number":"13.1-683","catch_line":"Compensation of directors","url":"\/13.1-683\/","token":"13.1\/9\/9\/13.1-683","metadata":false},{"id":71263,"structure_id":14362,"section_number":"13.1-684","catch_line":"Meetings of the board of directors","url":"\/13.1-684\/","token":"13.1\/9\/9\/13.1-684","metadata":false},{"id":56953,"structure_id":14362,"section_number":"13.1-685","catch_line":"Action without meeting of board of directors","url":"\/13.1-685\/","token":"13.1\/9\/9\/13.1-685","metadata":false},{"id":85755,"structure_id":14362,"section_number":"13.1-686","catch_line":"Notice of board of directors' meetings","url":"\/13.1-686\/","token":"13.1\/9\/9\/13.1-686","metadata":false},{"id":76686,"structure_id":14362,"section_number":"13.1-687","catch_line":"Waiver of notice by director","url":"\/13.1-687\/","token":"13.1\/9\/9\/13.1-687","metadata":false},{"id":57551,"structure_id":14362,"section_number":"13.1-688","catch_line":"Quorum and voting by directors","url":"\/13.1-688\/","token":"13.1\/9\/9\/13.1-688","metadata":false},{"id":80537,"structure_id":14362,"section_number":"13.1-689","catch_line":"Committees","url":"\/13.1-689\/","token":"13.1\/9\/9\/13.1-689","metadata":false},{"id":72306,"structure_id":14362,"section_number":"13.1-690","catch_line":"General standards of conduct for director","url":"\/13.1-690\/","token":"13.1\/9\/9\/13.1-690","metadata":false},{"id":66497,"structure_id":14362,"section_number":"13.1-690.1","catch_line":"Director of open-end management investment company deemed disinterested","url":"\/13.1-690.1\/","token":"13.1\/9\/9\/13.1-690.1","metadata":false},{"id":56699,"structure_id":14362,"section_number":"13.1-691","catch_line":"Director conflict of interests","url":"\/13.1-691\/","token":"13.1\/9\/9\/13.1-691","metadata":false},{"id":72680,"structure_id":14362,"section_number":"13.1-691.1","catch_line":"Business opportunities","url":"\/13.1-691.1\/","token":"13.1\/9\/9\/13.1-691.1","metadata":false},{"id":73395,"structure_id":14362,"section_number":"13.1-692","catch_line":"Liability for unlawful distributions","url":"\/13.1-692\/","token":"13.1\/9\/9\/13.1-692","metadata":false},{"id":72604,"structure_id":14362,"section_number":"13.1-692.1","catch_line":"Limitation on liability of officers and directors; exception","url":"\/13.1-692.1\/","token":"13.1\/9\/9\/13.1-692.1","metadata":false},{"id":75621,"structure_id":14362,"section_number":"13.1-693","catch_line":"Required officers","url":"\/13.1-693\/","token":"13.1\/9\/9\/13.1-693","metadata":false},{"id":85692,"structure_id":14362,"section_number":"13.1-694","catch_line":"Duties of officers","url":"\/13.1-694\/","token":"13.1\/9\/9\/13.1-694","metadata":false},{"id":61022,"structure_id":14362,"section_number":"13.1-695","catch_line":"Resignation and removal of officers","url":"\/13.1-695\/","token":"13.1\/9\/9\/13.1-695","metadata":false}],"previous_section":{"id":86056,"structure_id":14362,"section_number":"13.1-676","catch_line":"Election of directors by certain classes or series of shares","url":"\/13.1-676\/","token":"13.1\/9\/9\/13.1-676","metadata":false},"next_section":{"id":71464,"structure_id":14362,"section_number":"13.1-678","catch_line":"Staggered terms for directors","url":"\/13.1-678\/","token":"13.1\/9\/9\/13.1-678","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/13.1-677\/","history_text":"<p>The record of this law\u2019s original creation isn\u2019t available online. It has been modified 11 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1956, chapter 428; in 1968, chapter 87; in 1973, chapter 50; in 1974, chapter 662; in 1977, chapter 123; in 1982, chapter 104; in 1985, chapter 522; in 1990, chapter 228; in 2005, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?051+ful+CHAP0765\">765<\/a>; in 2007, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?071+ful+CHAP0165\">165<\/a>; in 2019, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?191+ful+CHAP0734\">734<\/a>.<\/p>","references":[{"id":61494,"section_number":"38.2-4407","catch_line":"Board of directors of plan created by attorneys","order_by":null,"url":"\/38.2-4407\/"}],"refers_to":[{"id":71464,"section_number":"13.1-678","catch_line":"Staggered terms for directors","order_by":null,"url":"\/13.1-678\/"}],"permalink":{"id":151187,"object_type":"law","relational_id":81166,"identifier":"13.1-677","token":"13.1\/9\/9\/13.1-677","url":"\/13.1-677\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/13.1-677\/","token":"13.1\/9\/9\/13.1-677","dublin_core":{"Title":"Terms of directors generally","Type":"Text","Format":"text\/html","Identifier":"\u00a7 13.1-677","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> The terms of the initial directors of a <span class=\"dictionary\">corporation<\/span> expire at the first <span class=\"dictionary\">shareholders<\/span>&#8217; meeting at which directors are elected, unless their terms are staggered pursuant to &#xA7; <a class=\"law\" title=\"Staggered terms for directors\" href=\"\/13.1-678\/\">13.1-678<\/a>, in which case the term shall expire at the applicable second or third annual <span class=\"dictionary\">shareholders<\/span>&#8217; meeting. <a id=\"paragraph-290935\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/13.1-677\/#A\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B\"><p><span class=\"prefix-number\">B.<\/span> The terms of all other directors expire at the next, or if the terms are staggered pursuant to &#xA7; <a class=\"law\" title=\"Staggered terms for directors\" href=\"\/13.1-678\/\">13.1-678<\/a>, at the applicable second or third annual <span class=\"dictionary\">shareholders<\/span>&#8217; meeting following their election, except to the extent a shorter term is specified in the <span class=\"dictionary\">articles of incorporation<\/span> in the event of a director nominee failing to receive a specified vote for election. <a id=\"paragraph-290936\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/13.1-677\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"C\"><p><span class=\"prefix-number\">C.<\/span> A decrease in the number of directors does not shorten an incumbent director&#8217;s term. <a id=\"paragraph-290937\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/13.1-677\/#C\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"D\"><p><span class=\"prefix-number\">D.<\/span> The term of a director elected by the board of directors to fill a vacancy expires at the next <span class=\"dictionary\">shareholders<\/span>&#8217; meeting at which directors are elected. <a id=\"paragraph-290938\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/13.1-677\/#D\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"E\"><p><span class=\"prefix-number\">E.<\/span> Except to the extent otherwise provided in the <span class=\"dictionary\">articles of incorporation<\/span>, despite the expiration of a director&#8217;s term, the director continues to serve until the director&#8217;s successor is elected and qualifies or until there is a decrease in the number of directors. <a id=\"paragraph-290939\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/13.1-677\/#E\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"F\"><p><span class=\"prefix-number\">F.<\/span> Notwithstanding the foregoing provisions, the terms of the directors of a <span class=\"dictionary\">corporation<\/span> registered under the federal Investment Company Act of 1940 shall expire according to, and otherwise be governed by, the provisions of the federal Investment Company Act of 1940. <a id=\"paragraph-290940\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/13.1-677\/#F\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nTERMS OF DIRECTORS GENERALLY (\u00a7 13.1-677)\n\nA. The terms of the initial directors of a corporation expire at the first\nshareholders&#8217; meeting at which directors are elected, unless their terms\nare staggered pursuant to &#xA7; 13.1-678, in which case the term shall expire\nat the applicable second or third annual shareholders&#8217; meeting.\n\nB. The terms of all other directors expire at the next, or if the terms are\nstaggered pursuant to &#xA7; 13.1-678, at the applicable second or third annual\nshareholders&#8217; meeting following their election, except to the extent a\nshorter term is specified in the articles of incorporation in the event of a\ndirector nominee failing to receive a specified vote for election.\n\nC. A decrease in the number of directors does not shorten an incumbent\ndirector&#8217;s term.\n\nD. The term of a director elected by the board of directors to fill a vacancy\nexpires at the next shareholders&#8217; meeting at which directors are elected.\n\nE. Except to the extent otherwise provided in the articles of incorporation,\ndespite the expiration of a director&#8217;s term, the director continues to\nserve until the director&#8217;s successor is elected and qualifies or until\nthere is a decrease in the number of directors.\n\nF. Notwithstanding the foregoing provisions, the terms of the directors of a\ncorporation registered under the federal Investment Company Act of 1940 shall\nexpire according to, and otherwise be governed by, the provisions of the federal\nInvestment Company Act of 1940.\n\nHISTORY: Code 1950, \u00a7 13.1-36; 1956, c. 428; 1968, c. 87; 1973, c. 50; 1974, c.\n662; 1977, c. 123; 1982, c. 104; 1985, c. 522; 1990, c. 228; 2005, c. 765; 2007,\nc. 165; 2019, c. 734.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}