(a)  The electors of the district shall at annual meetings elect a board of directors comprised of seven (7) electors of the district, and then shall elect from the duly elected directors a president, a vice president, a treasurer and a secretary.

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(b)  The directors shall serve for two year terms, and shall serve without compensation. No more than one elector from any lot of record may serve as a director at the same time.

(c)  The board of directors constitute the governing board of the district, and the duties of the board are prescribed in this chapter, and may be further defined by the bylaws of the district consistent with this chapter.

(d)  Any vacancy that may occur in the board of directors between annual meetings will be filled by some elector to be chosen by the other members of the board of directors to hold office until the next annual meeting, at which time the vacancy must be filled by a vote of the electors.

(e)  The electors of the district may, at any meeting, adopt and ordain bylaws, and, from time to time, rescind or amend the bylaws, as they deem necessary and proper for the purposes of this chapter and not repugnant to this chapter and not inconsistent with any other law; provided that the electors may appoint such committees as they may deem necessary, and may fix the compensation, if any, of all agents and employees of the district.