§ 17-10-111 — Management by board of directors; composition and election of board; terms of office

The stock, property and concerns of such corporation shall be
managed by the board of directors who shall be respectively
members, stockholders or subscribers for stock and who shall,
after the first corporate year, be annually elected by the
members or stockholders at such time and place as shall be
provided by the bylaws. The bylaws may provide that the
directors be elected for staggered terms not to exceed three (3)
years. Directors shall hold office until their successors have
been elected and qualified. The bylaws may provide that the
territory in which the association has members shall be divided
into districts, and the directors shall be elected according to
such districts. In such case the bylaws shall specify the number
of directors to be elected by each district, the manner and
method of reapportioning the directors and redistricting the
territory covered by the association. The bylaws may provide
that primary elections should be held in each district to elect
the directors apportioned to such district, and the result of
all such primary elections must be ratified by the next regular
meeting of the association.