P.R. Laws tit. 26, § 2916
2019-02-20 00:00:00+00
(1) Election of directors shall be held annually at the annual meeting of stockholders or members, and shall be subject to the supervision of the Commissioner.
(2) The regular term of office of a director shall be not less than one year nor more than three years as provided in the bylaws. The annual election shall be of all directors, or of one-half of all directors, or of one-third thereof.
(3) Vacancies occurring among the directors between annual meetings shall be filled for the unexpired term by the remaining directors or otherwise as provided in the bylaws.
History —Ins. Code § 29.160.