Common use of APPOINTMENT OF ADDITIONAL DIRECTORS Clause in Contracts

APPOINTMENT OF ADDITIONAL DIRECTORS. The directors may appoint one or more additional directors who shall hold office for a term expiring not later than the close of the next annual meeting of shareholders, but the total number of directors so appointed may not exceed one third of the number of directors elected at the previous annual meeting of shareholders.

APPOINTMENT OF ADDITIONAL DIRECTORS. The directors may Board, acting unanimously, may, between annual meetings of Shareholders, appoint one or more additional directors who shall hold office for a term expiring not later than the close of Directors to serve until the next annual meeting of shareholdersShareholders, but on the total condition that the number of directors so appointed may additional Directors shall not at any time exceed one one-third of the number of directors elected Directors who held office at the previous expiration of the last annual meeting of shareholdersShareholders.