§ 472-g. Board of directors. The property and concerns of the
corporation shall be managed by a board of not over twenty-five and not
less than ten directors, who shall receive no compensation. The number
of directors to be chosen within the maximum and minimum limit shall be
determined in the manner prescribed by the by-laws. At least four in
number of the directors shall be elected annually on the first day of
May of each year, but they shall hold office until their successors are
elected. The board of directors in office on April first, nineteen
hundred forty-nine, is continued in office until their successors are
chosen.