                                 CODE OF VIRGINIA

STAGGERED TERMS FOR DIRECTORS (§ 13.1-678)

The articles of incorporation may provide for staggering the terms of directors
by dividing the total number of directors into two or three groups, with each
group containing one-half or one-third of the total, as near as may be
practicable. In that event, the terms of directors in the first group expire at
the first annual shareholders&#8217; meeting after their election, the terms of
the second group expire at the second annual shareholders&#8217; meeting after
their election, and the terms of the third group, if any, expire at the third
annual shareholders&#8217; meeting after their election. At each annual
shareholders&#8217; meeting held thereafter, directors shall be elected for a
term of two years or three years, as the case may be, to succeed those whose
terms expire.

HISTORY: Code 1950, § 13.1-37; 1956, c. 428; 1985, c. 522; 2019, c. 734.