1. The articles or bylaws of a publicly traded corporation may not fix a term for directors longer than one year. 2. The articles or bylaws of a publicly traded corporation may not stagger the terms of directors into groups whose terms end at different times. 3. The size of the board of a publicly traded corporation may not be changed at a time when: a. The board has notice that there will be a contested election of directors at the next regular or special meeting of the shareholders; or b. The shareholders do not have the right to nominate candidates for election at the next regular meeting of the shareholders under a provision of the articles or bylaws adopted pursuant to section 10-35-07. 4. The board of a publicly traded corporation must elect one of its members as the chair of the board who shall preside at meetings of the board and perform such other functions as may be provided in the articles or bylaws or by resolution of the board. The chair of the board may not serve as an executive officer of the corporation.
‹ Prev All North Dakota sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.