(1) La elección de directores se celebrará anualmente en la asamblea anual de los accionistas o miembros, y estará sujeta a inspección por el Comisionado.
(2) El término regular del cargo de director no será menor de un año ni mayor de tres (3) años, según se disponga en los estatutos. La elección anual será de todos los directores, o de la mitad (1/2) de todos los directores, o de una tercera parte (1/3) de los mismos.
(3) Las vacantes que ocurren entre los directores en los intervalos entre asambleas anuales se cubrirán por los directores restantes, por la parte del término que falte por expirar, o del modo que se disponga en los estatutos.
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