Election of directors--Maximum term of office

Directors shall be elected at the annual meeting of the cooperative unless the bylaws of the cooperative provide for the election of directors by district. In case of a failure to hold the annual meeting, as specified in the bylaws, directors shall be elected at a special meeting called for that purpose. Directors shall hold office for such term as the bylaws prescribe, which term may not exceed three years, or until their successors are elected, are qualified and have entered upon the discharge of their duties. Source: SL 1947, ch 33, § 12; SDC Supp 1960, § 11.2212 (2); SL 1993, ch 338.