Vacation of office for small shareholders' director: statutory disqualification, unpaid calls, prolonged board absence, prohibited transactions, or removal.

Vacation of office of a small shareholders' director is triggered by cessation of small shareholder status, statutory disqualification, failure to pay calls within six months from the last date fixed for payment, sustained unapproved absence from board meetings, removal under the statutory removal procedure, acceptance of prohibited loans or securities, acting contrary to statutory director restrictions, or court-declared disqualification.

---

---

---