§ 703. Election and term of directors.

(a) At each annual meeting of shareholders, directors shall be elected
to hold office until the next annual meeting except as authorized by
section 704 (Classification of directors). The certificate of
incorporation may provide for the election of one or more directors by
the holders of the shares of any class or series, or by the holders of
bonds entitled to vote in the election of directors pursuant to section
518 (Corporate bonds), voting as a class.

(b) Each director shall hold office until the expiration of the term
for which he is elected, and until his successor has been elected and
qualified.