May directors be appointed (rather than elected) to fill mid-term vacancies of elected positions under the 60 percent stockholder-elected directors requirement?
Mid-term appointments are allowed as long as the remaining board members can satisfy the 60 percent requirement. It is up to the institution’s board to determine whether a mid-term vacancy appointment will be for the duration of the vacated term of office or until the next scheduled election. However, the institution must forgo appointing a director and instead hold a special election if the number of stockholder-elected directors falls to fewer than 60 percent.
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