(a)
(1) The affairs of the association shall be managed by a board of not less than five (5) directors.
(2)
(A)
(i) The bylaws may provide that the territory in which the association has members shall be divided into districts and that the directors shall be elected according to the districts.
(ii) In such cases, the bylaws shall specify the number of directors to be elected by each district and the manner and method of reapportioning the directors and redistricting the territory covered by the association. The bylaws may provide for a quorum of the directors in each district.
(B) The bylaws may provide that primary elections should be held in each district to elect the directors apportioned to the districts, and the results of all the primary elections must be ratified by the next regular meeting of the association or may be considered final as to the association.
(b) The bylaws may provide that one (1) or more directors may be appointed by the Governor, the Dean of the College of Agriculture of the University of Arkansas at Fayetteville, or any other designated federal or state public official or commission.
(c)
(1) Where not otherwise prohibited by the bylaws, the directors of the association may provide a fair remuneration for the time actually spent by its officers, directors, and employees in its service.
(2) No director, during the term of his or her office, shall be a party to a contract for profit with the association differing in any way from the business relations accorded regular members or holders of common stock of the association.
(d) The bylaws may provide for an executive committee and may allot to the committee all the functions and powers of the board of directors, subject to the general direction and control of the board.