1. After a quorum is established at a meeting of the shareholders of a publicly traded corporation at which directors are to be elected, the polls must be opened for the election of directors before the meeting may be recessed or adjourned. If the polls have not been previously closed, the polls close for the election of directors upon the first recess or adjournment of the meeting. 2. Except as provided in subsection 3, if the articles of a publicly traded corporation provide that the shareholders do not have the right to cumulate their votes in an election of directors: a. Each share in the corporation entitled to vote on the election of directors shall be entitled to vote noncumulatively for or against, or to abstain with respect to, each candidate for election. b. To be elected, a candidate must receive the affirmative vote of at least a majority of the votes cast for or against the candidate's election. c. An individual who is not elected under subdivision b may not be appointed by the board of directors to fill a vacancy on the board at any time thereafter unless the individual is subsequently elected as a director by the shareholders. d. If a director who was a candidate for re-election is not elected under subdivision b, the director may continue to serve under subdivision b of subsection 1 of section 10 -19.1-35 for not longer than ninety days after the date of the first public announcement of the results of the election. e. If no directors are elected under subdivision b, the current directors continue to serve under subdivision b of subsection 1 of section 10 -19.1-35, and another meeting of the shareholders for the election of directors must be held not later than eighty-nine days after the date of the first public announcement of the results of the election. 3. Subsection 2 does not apply to an election of directors by a voting group if there are more candidates for election by the voting group than the number of directors to be elected by the voting group and one or more of the candidates has been properly nominated by the shareholders. An individual is not counted as a candidate for election under this subsection if the board of directors reasonably determines before the notice of meeting is given that the individual's candidacy does not create a bona fide election contest. The determination of the number of candidates for purposes of this subsection shall be made as of: a. The expiration of the time fixed by the articles or bylaws for advance notice by a shareholder of an intention to nominate directors; or b. Absent such a provision at a time publicly announced by the board of directors which is not more than fourteen days before notice is given of the meeting at which the election is to occur. 4. A publicly traded corporation may not compensate an individual, directly or indirectly, as a result of the fact, in whole or in part, that the individual is not elected or re-elected as a director, and without regard to whether the compensation would be paid to the individual as a director or officer or on any other basis. 5. The shareholders of a publicly traded corporation may act by consent in a record to elect directors, but the consent will be in lieu of a regular meeting of shareholders only if: a. The shareholders are not entitled to vote cumulatively for the election of directors; b. The election by consent takes effect within the one hundred twenty -day period before the anniversary of the most recent regular meeting; and c. The full board is elected by the consent.
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