Holding Multiple Seats
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HOLDING MULTIPLE SEATS

Directors cannot hold multiple seats on the board, which is not the same as holding multiple offices. If a director has one year left on his term but wants to run for an open two-year seat in an upcoming election, he must resign prior to running for the open seat. Otherwise, the director will hold two seats and improperly have two votes on the board. If he promises to resign his first seat after winning the two-year position, he will immediately create another opening on the board. This defeats the purpose of the election.

Only directors whose terms are ending may run for another term (assuming there are no term limits).

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Adams Stirling PLC