§ 60 — Directors; terms; election; duties

§ 60. Directors; terms; election; duties. Except as otherwise provided\nin this chapter, the board of directors shall be divided, as nearly\nequally as practicable, into three classes. At the first annual meeting,\nthe members shall elect from among themselves a director or directors of\nthe first class for a term of one year; of the second class for a term\nof two years; and of the third class for a term of three years. At the\nexpiration of the respective terms, successors shall be elected for\nterms of three years. Successor directors of corporations to which this\nchapter applies, which were formed under the stock corporation law prior\nto January first, nineteen hundred fifty-four, need not be members.\n