Term of office. Directors in stock corporations or members in nonstock corporations shall have a term of 1 year. Each director and trustee shall hold office until the successor is elected and qualified.
A director who ceases to own at least one (1) share of stock or a trustee who ceases to be a member of the corporation shall cease to be such.
Independent directors are required for corporations vested with public interest. [See Independent Directors under the Revised Corporation Code]