§31D-8-806. Staggered terms for directors.
If there are nine or more directors, the articles of
incorporation may provide for staggering their terms by dividing
the total number of directors into two or three groups, with each
group containing as close to one half or one third of the total
number of directors as possible. In that event, the terms of
directors in the first group expire at the first annual
shareholders' meeting after their election, the terms of the second
group expire at the second annual shareholders' meeting after their
election and the terms of the third group, if any, expire at the
third annual shareholders' meeting after their election. At each
annual shareholders' meeting held thereafter, directors are to be
chosen for a term of two years or three years to succeed those
whose terms expire.