Election and term of directors
Source:
Section 703 — Election and term of directors, https://www.nysenate.gov/legislation/laws/BSC/703 (updated Sep. 22, 2014; accessed Feb. 28, 2026).
701
Board of directors 702
Number of directors 703
Election and term of directors 704
Classification of directors 705
Newly created directorships and vacancies 706
Removal of directors 707
Quorum of directors 708
Action by the board 709
Greater requirement as to quorum and vote of directors 710
Place and time of meetings of the board 711
Notice of meetings of the board 712
Executive committee and other committees 713
Interested directors 714
Loans to directors 715
Officers 716
Removal of officers 717
Duty of directors 718
List of directors and officers 719
Liability of directors in certain cases 720
Action against directors and officers for misconduct 721
Nonexclusivity of statutory provisions for indemnification of directors and officers 722
Authorization for indemnification of directors and officers 723
Payment of indemnification other than by court award 724
Indemnification of directors and officers by a court 725
Other provisions affecting indemnification of directors and officers 726
Insurance for indemnification of directors and officers 727
Annual reports for certain transactions required
Board of directors 702
Number of directors 703
Election and term of directors 704
Classification of directors 705
Newly created directorships and vacancies 706
Removal of directors 707
Quorum of directors 708
Action by the board 709
Greater requirement as to quorum and vote of directors 710
Place and time of meetings of the board 711
Notice of meetings of the board 712
Executive committee and other committees 713
Interested directors 714
Loans to directors 715
Officers 716
Removal of officers 717
Duty of directors 718
List of directors and officers 719
Liability of directors in certain cases 720
Action against directors and officers for misconduct 721
Nonexclusivity of statutory provisions for indemnification of directors and officers 722
Authorization for indemnification of directors and officers 723
Payment of indemnification other than by court award 724
Indemnification of directors and officers by a court 725
Other provisions affecting indemnification of directors and officers 726
Insurance for indemnification of directors and officers 727
Annual reports for certain transactions required
