1. Within thirty days from the date of the order of the county commission, as set out in section 262.290, any number of the petitioners exceeding twenty may proceed to organize such society by electing not less than nine or more than thirteen directors, who shall hold their offices one year and until their successors are elected; and the directors, when so elected, shall collectively form a board for the government of such society, and in such board shall be vested all the corporate powers and duties of every society incorporated as provided in sections 262.290 to 262.540^*; and for the purpose of electing the directors there shall be held annually, on the second Tuesday in December, or such other date as may be provided in the bylaws of the society, a general meeting of the members of the society.

2. All vacancies in the board of directors shall be filled by appointment of the board. No person not a member of the society shall be a director. In all elections by the stockholders each share shall entitle the holder thereof to one vote, and said shares shall be voted as now provided by law for elections in business and manufacturing corporations.