69-14-502. Organization of board of directors. (1) A majority of said directors shall form a board and be competent to fill vacancies therein, make bylaws, and transact all business of the corporation. The directors elected at any election shall, so soon thereafter as may be convenient, choose one of their number to be president and shall appoint a secretary and a treasurer of the corporation. The directors, before entering upon their duties, shall each take an oath or affirmation faithfully to discharge his duties. They may from time to time make such dividends of the actual net profits of said corporation as they may think proper and shall hold their offices until their successors are elected and qualified.
     (2) A new election shall be annually held for directors, at such time and place as the stockholders at their first meeting shall determine or as the bylaws of the corporation may require.

     History: En. Sec. 7, p. 95, Ex. L. 1873; re-en. Sec. 305, 5th Div. Rev. Stat. 1879; re-en. Sec. 683, 5th Div. Comp. Stat. 1887; amd. Sec. 893, Civ. C. 1895; re-en. Sec. 4274, Rev. C. 1907; re-en. Sec. 6506, R.C.M. 1921; re-en. Sec. 6506, R.C.M. 1935; R.C.M. 1947, 72-204(part).