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HomeFinancial CodeDiv. 2Ch. 3Art. 4§ 6153 Three-Year Director Terms

§ 6153 Three-Year Director Terms

Financial Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 6153 Three-Year Director Terms

Key Takeaways

  • •Directors are elected for 3 years.
  • •They stay in their role until someone new is elected and ready.
  • •About 1/3 of the board is elected every year.

Example

A company has 9 directors on its board.

Every year, 3 directors (about 1/3 of the board) will be up for election. Each director serves for 3 years, and they keep their job until the new person is ready to take over.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 6153 Three-Year Director Terms

Directors shall be elected for periods of three years and until their successors are elected and qualified, but provision shall be made for the election of approximately one-third of the board of directors each year. (Added by Stats. 1983, Ch. 1091, Sec. 2.)

Last verified: January 23, 2026

Key Terms

directorelection

Related Statutes

  • § 6151 Director Officer Conviction Ban
  • § 6003 Mutual Association Voting Rights
  • § 6150 Association Director Duties
  • § 6152 Director Automatic Removal
  • § 6154 Filling Director Vacancies

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 6153.
View Official Source