CODE OF VIRGINIA

DIRECTORS (§ 13.1-991)

The business and affairs of a corporation shall be conducted by a board of
directors. The number of directors shall be a multiple of three. Two-thirds of
the directors shall be elected by the members and one-third shall be elected by
the shareholders. Any vacancy in the office of a director elected by the members
may be filled by the directors elected by the members and any vacancy in the
office of director elected by the shareholders may be filled by the directors
elected by the shareholders. The shareholders and members or the directors may
by bylaw provide that a quorum of the board of directors for the purpose of
transaction of business shall consist of a stated number or percentage of the
directors less than a majority of the number of directors fixed by the bylaws;
but in no event shall a quorum consist of less than one-third of the number of
directors so fixed.

HISTORY: Code 1950, § 13.1-149; 1960, c. 80; 1968, c. 254; 1985, c. 522.