Board of directors; election; terms.

A. Each member of the board of directors shall be elected for a term of four years and, unless removed from office, shall serve until his successor is duly elected and has qualified; provided that in the first election immediately following the effective date of the provisions of this act [73-14-18 to 73-14-32 NMSA 1978], candidates for positions 1, 2 and 5 shall be elected for two-year terms each, and candidates for positions 3, 4, 6 and 7 shall be elected for four-year terms each. B. Vacancies on the board of directors shall be filled by the remaining members of the board of directors for the unexpired term of the director whose office becomes vacant. The person appointed to fill the vacancy shall have the same qualifications as the member whose unexpired term he is completing.