2-128.   Election of directors and officers;terms.Immediately upon incorporation and annually thereafter on or before thesecond Tuesday of December the stockholders of record or members of fairassociations governed by the provisions of chapter 1, Laws of 1929 andacts amendatory or supplemental thereto, shall meet and elect a board ofdirectors representing each township of the county (provided there arestockholders resident of such townships willing to serve) who shall servefor a term of three years, and so arranged that one-third of the directors'terms shall expire annually. A personal notification stating the time andplace of the annual election shall be mailed to each stockholder, or toeach member, or published in one issue of a newspaper of generalcirculation in the county at least ten days prior thereto. Immediately atthe close of the annual meeting the board of directors shall meet and electmanaging officers for the ensuing year, consisting of a president andvice-president, who shall be members of the board of directors, and asecretary and treasurer and such other officers and committees as they maydeem necessary, who may or may not be members of the board of directors.At the first election of directorsone-third of saiddirectors shall be chosen for terms of one year, one-third for terms of twoyears, 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.