Term Limits. Each independent director must retire from the Board of Directors by not standing for re-election at the next annual meeting of stockholders following the earlier of his or her: (i) 15th anniversary of service on the Board or (ii) 75th birthday. The restriction described in (i) above applies to any director who was first elected to serve on the Fund’s Board of Directors after January 1, 2020, and the restriction described in (ii) above applies to any director who was first elected to serve on the Fund’s Board of Directors after July 9, 1998.
Appears in 3 contracts
Sources: Amended and Restated Bylaws (Adams Diversified Equity Fund, Inc.), Amended and Restated Bylaws (Adams Natural Resources Fund, Inc.), Amended and Restated Bylaws (Adams Natural Resources Fund, Inc.)