110. The directors are elected by the shareholders, in the manner and for the term, not exceeding three years, set out in the by-laws.
It is not necessary that all the directors elected hold office for the same term.
A director not elected for an expressly stated term ceases to hold office at the close of the first annual shareholders meeting following the director’s election.
If circumstances prevent a shareholders meeting from electing the fixed number or minimum number of directors required by the articles, the directors elected at that meeting may exercise all the powers of the directors if the number of directors so elected constitutes a quorum.