C.R.S. § 7-108-105

(1) Except as provided in section 7-108-106 , the terms of the initial directors of a corporation expire at the first shareholders’ meeting at which directors are elected. (2) Except as provided in section 7-108-106 , the terms of all other directors expire at the next annual shareholders’ meeting following their election. (3) A decrease in the number of directors does not shorten an incumbent director’s term. (4) The term of a director elected to fill a vacancy pursuant to section 7-108-110 (1)(b) or 7-108-110 (1)(c) expires at the next annual shareholders’ meeting at which directors are elected. The term of a director elected to fill a vacancy pursuant to section 7-108-110 (1)(a) shall be the unexpired term of the director’s predecessor in office; except that, if the director’s predecessor had been elected to fill a vacancy pursuant to section 7-108-110 (1)(b) or 7-108-110 (1)(c), the term of a director elected pursuant to section 7-108-110 (1)(a) shall be the unexpired term of the last predecessor elected by the shareholders. (5) Despite the expiration of the director’s term, a director continues to serve until the director’s successor is elected and qualifies. (6)(Deleted by amendment, L. 2004, p. 1497, § 252, effective July 1, 2004.)