(a) Prior to October 1, 2019, the business of the association shall be managed by not fewer than seven members, who shall be styled a board of managers, shall be chosen annually by the stockholders and shall hold their offices until others are chosen and have qualified in their stead, except that when the bylaws of such association so prescribe, the board of managers may be divided into not more than three classes, each class to hold office for not more than three years, one of which classes shall be elected annually. Such association shall have such other officers appointed as its bylaws prescribe. The terms of the members of the board serving on June 26, 2019, shall expire on September 30, 2019.
(b) On and after October 1, 2019, the business of the association shall be managed by a board of directors consisting of not fewer than three members of the association. The board of directors shall be elected annually by the member shareholders and shall hold office until a successor has been elected, except, when the bylaws of such association so prescribe, the board of directors may be divided into not more than three classes, one of which classes shall be elected annually, with each class to hold office for not more than six years. Such association may adopt bylaws concerning the appointment of other officers of the association and to implement the provisions of this section.
(1949 Rev., S. 5295; P.A. 19-65, S. 3.)
History: P.A. 19-65 designated existing provision as Subsec. (a) and amended same by adding “Prior to October 1, 2019,” and adding provision re terms of members of boards serving on June 26, 2019 to expire on September 30, 2019, and added Subsec. (b) re association to be managed by board of directors on and after October 1, 2019 and adoption of bylaws, effective June 26, 2019.