Section 124. The governor, with the advice and consent of the council, shall appoint for terms of three years each three persons to be members of the board of directors of any company which accepts said sections, of whom at least two shall be residents of a city or town served by the company, and none shall be an owner of its stocks or bonds. They shall have and exercise all the power and privileges of the other directors of the company, and shall receive such fees as are paid to the other directors. The by-laws of the company shall be modified so as to permit of the appointment of such persons as directors, and shall also provide for monthly meetings of the board. If any such board shall have an executive committee or a finance committee, or any other standing committee, at least one of the persons appointed by the governor shall be a member of every such committee.