§ 60. Directors; terms; election; duties. Except as otherwise provided
in this chapter, the board of directors shall be divided, as nearly
equally as practicable, into three classes. At the first annual meeting,
the members shall elect from among themselves a director or directors of
the first class for a term of one year; of the second class for a term
of two years; and of the third class for a term of three years. At the
expiration of the respective terms, successors shall be elected for
terms of three years. Successor directors of corporations to which this
chapter applies, which were formed under the stock corporation law prior
to January first, nineteen hundred fifty-four, need not be members.