1. The directors elected at the organization election shall be selected by lot so that one, two or three directors, according to whether there are in all three, five or seven on the board, shall hold office until their successors are elected at the next regular election and qualify, and two, three or four directors, as the case may be, shall hold office until their successors are elected at the second regular election after organization and qualify.
2. At the regular election biennially thereafter directors shall be elected, to replace the directors whose terms expire, for terms of 4 years, or until their successors are elected and qualify. Directors so elected shall have the qualifications prescribed in this chapter for directors elected at the time of organization.
[Part 5:64:1919; A 1933, 271; 1931 NCL § 8012]