(a) The articles or bylaws must specify the terms of directors. Except for designated or appointed directors, the terms of directors may not exceed five years. In the absence of any term specified in the articles or bylaws, the term of each director shall be one year. Directors may be elected for successive terms. (b) A decrease in the number of directors or term of office does not shorten an incumbent director's term. (c) Except as provided in the articles or bylaws: (1) The term of a director filling a vacancy in the office of a director elected by members expires at the next election of directors by members; and (2) The term of a director filling any other vacancy expires at the end of the unexpired term that such director is filling. (d) Despite the expiration of a director's term, the director continues to serve until the director's successor is elected, designated, or appointed and qualifies, or until there is a decrease in the number of directors.
Neb. Rev. Stat. § 21-1972
Terms of directors generally
Applied in 1 court decision — leading case Kountze v. Gaines (2008)
Most recently applied in Kountze v. Gaines (July 2008)
Laws 1996, LB 681, § 72.
Official source: Nebraska Legislature. Reproduced from public-domain Nebraska statutes; confirm against the official source for the current text. Not legal advice.