2-128. Election of directors and officers; terms.
2-128
2-128. Election of directors and officers;
terms.
Immediately upon incorporation and annually thereafter on or before the
second Tuesday of December the stockholders of record or members of fair
associations governed by the provisions of chapter 1, Laws of 1929 and
acts amendatory or supplemental thereto, shall meet and elect a board of
directors representing each township of the county (provided there are
stockholders resident of such townships willing to serve) who shall serve
for a term of three years, and so arranged that one-third of the directors'
terms shall expire annually. A personal notification stating the time and
place of the annual election shall be mailed to each stockholder, or to
each member, or published in one issue of a newspaper of general
circulation in the county at least ten days prior thereto. Immediately at
the close of the annual meeting the board of directors shall meet and elect
managing officers for the ensuing year, consisting of a president and
vice-president, who shall be members of the board of directors, and a
secretary and treasurer and such other officers and committees as they may
deem necessary, who may or may not be members of the board of directors.
At the first election of directors
one-third of said
directors shall be chosen for terms of one year, one-third for terms of two
years, and one-third for terms of three years.
History: L. 1929, ch. 1, § 4; L. 1949, ch. 1, § 2;
L. 2004, ch. 101, § 2; July 1.