§ 13-5-519 — Election; term; vacancies; number

(a) The initial and elected directors or managers of any
public trust company shall hold office for one (1) year and
until their successors are elected and qualified except in cases
of death, resignation or removal under the laws of this state.
All elections shall be held annually on a day designated by the
directors or managers on or before April 30.
(b) If the annual election of directors or managers is not
held at the time designated, an election may be held within
sixty (60) days thereafter following notice by publication in
three (3) consecutive issues of a weekly newspaper printed in
the county in which the public trust company is located, or if
no newspaper is printed in the county then in a newspaper of
general circulation in the state.
(c) Any director or manager who during his tenure as a
director becomes insolvent or makes a general assignment of his
property for the benefit of creditors shall vacate his office.
(d) Vacancies which reduce the board or the total number
of managers to less than five (5) members shall be filled within
ninety (90) days of the vacancy by appointment by the remaining
directors or managers for the unexpired term. The board or
managers shall notify the commissioner of any vacancy on the
board or of any manager within thirty (30) days of the vacancy.
(e) Changes in the number of directors or managers shall
be authorized by a majority vote of the stockholders or members
to be effective upon expiration of the current corporate year.
The change may become effective immediately with the consent of
the directors or managers and written notification to the
commissioner.