(610 ILCS 5/8) (from Ch. 114, par. 8)
Sec. 8.
All the corporate powers of every such corporation shall be vested
in and be exercised by a board of directors, who shall be stockholders of
the corporation, and shall be elected at the annual meetings of
stockholders at the public office of such corporation within this state.
The number of such directors, the manner of their election, and the mode of
filling vacancies, shall be specified in the by-laws, and shall not be
changed except at the annual meetings of the stockholders. The first board
of directors shall classify themselves by lot in such manner that there
shall be, as nearly as practicable, three directors in each class. Those
belonging to the first class shall go out of office at the end of one year,
those of the second class at the end of two years, and in like manner those
of each class shall go out of office at the expiration of a number of years
corresponding to the number of his class; and all vacancies occurring by
reason of expiration of term shall be filled by election for a term of
years equal to the number of classes.
(Source: Laws 1871, p. 625.)
|