Sec. 5. (a) The terms of the initial directors of a corporation expire at the first
shareholders' meeting at which directors are elected. (b) The terms of all other directors expire at: (1) the next; or (2) if the director's terms are staggered in accordance with section 6 of this chapter, the applicable second or third; annual shareholders' meeting following their election. (c) A decrease in the number of directors does not shorten an incumbent director's term. (d) The term of a director elected to fill a vacancy expires at the end of the term for which the director's predecessor was elected. (e) Despite the expiration of a director's term, the director continues to serve until a successor is elected and qualifies or until there is a decrease in the number of directors. As added by P.L.149-1986, SEC.17. Amended by P.L.133-2009, SEC.23; P.L.118-2017, SEC.12.