(a) At the annual meeting to be held on the second Monday of July, the Village shall, by ballot, if called for by three or more legal voters in the meeting, elect for the ensuing year, and, until their successors are chosen; a President, who shall preside at all Village meetings, and be vested with the powers of a moderator at town meeting and who shall be, by virtue of this office, one of the trustees of the Village and President of the Board of Trustees; a Clerk; a Treasurer; and a Tax Collector; and the Treasurer and Tax Collector shall give bonds for the faithful performance of their duties in the sums as the trustees shall direct; and if a Treasurer or Collector shall fail to give the bonds within 10 days after election or appointment, the office shall be vacant; three auditors who shall have the powers and perform the duties in  the Village which town auditors perform in towns; and the corporation at each annual meeting shall elect two trustees for a term of two years; the trustees shall have charge of the prudential affairs of the corporation, with powers necessary for that purpose, and may fill all vacancies in the offices of the corporation and may act by a majority, and of whom the elder of those oldest in office present at any Village meeting, shall act in the absence of the President.

(b) In case of failure to elect any or all of the officers at an annual meeting, they may be elected at a special meeting called for that purpose. (Added 1943, No. 183, § 7.)