Sec. 4. (a) If a majority of the members of the association are present at the time and place specified in the notice described in section 3 of this chapter, the members shall elect, by ballot, three (3) directors from among the membership of the association.

     (b) The directors shall immediately determine by lot the directors’ initial terms of office, which are as follows:

(1) One (1) director shall serve a term of one (1) year.

(2) One (1) director shall serve a term of two (2) years.

(3) One (1) director shall serve a term of three (3) years.

     (c) Except as provided in subsection (b), the term of a director is three (3) years. A director shall serve until a successor is elected and qualified.

     (d) The directors shall call an annual meeting of the association members to elect a director. The directors shall provide notice of the meeting under section 3 of this chapter. The members shall meet at the time and place fixed by the directors.

[Pre-2008 Recodification Citation: 15-3-7-4.]

As added by P.L.2-2008, SEC.7.