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N.Y. Not-For-Profit Corp. Law § 705

Newly created directorships and vacancies

Showing this section's text as in effect on January 1, 2015 (in force January 1, 2015 – January 1, 2023). View current text →

§ 705. Newly created directorships and vacancies.\n (a) Newly created directorships resulting from an increase in the\nnumber of directors elected or appointed at large, and vacancies among\nsuch directors for any reason, may be filled by vote of a majority of\nthe directors then in office, regardless of their number, unless the\ncertificate of incorporation or the by-laws provide that such newly\ncreated directorships or vacancies shall be filled by vote of the\nmembers.\n (b) Vacancies among directors elected or appointed by special\ndistricts or membership sections, or by bondholders voting as a class,\nshall be filled by action of the persons entitled to vote thereon;\nexcept that, if a vacancy remains unfilled for six months after it\noccurs, and by reason of the absence, illness, or other inability of one\nor more of the remaining directors a quorum of the board cannot be\nobtained, the remaining directors, or a majority of them, may appoint a\ndirector to fill such vacancy.\n (c) A director elected or appointed to fill a vacancy shall hold\noffice until the next annual meeting at which the election of directors\nis in the regular order of business, and until his successor is elected\nor appointed and qualified.\n

Official source: NYS Open Legislation (New York State Senate). Reproduced from public-domain New York statutes; confirm against the official source for the current text. Not legal advice.