17-2331.   Same; directors; election; removal; vacancies; oaths.All the corporate powers of such corporation shall be exercised by aboard of not less than nine (9) directors who shall be residents of thisstate. The number of directors and their term office shall be determined bythe stockholders at the first meeting held by the incorporators and at eachannual meeting thereafter. In the first instance the directors shall beelected by the stockholders to serve until the first annual meeting. At thefirst annual meeting, and at each annual meeting thereafter, one-third(1/3) of the directors shall be elected by a vote of the stockholders andthe remaining two-thirds (2/3) thereof shall be elected by members of thecorporation herein provided for, each member having one vote. The removalof any director from this state shall immediately vacate his office. If anyvacancy occurs in the board of directors through death, resignation orotherwise, the remaining directors may elect a person to fill the vacancyuntil the next annual meeting of the corporation. The directors shall beannually sworn to the proper discharge of their duties and they shall holdoffice until others are elected or appointed and qualified in their stead.

      History:   L. 1955, ch. 144, § 4; June 30.