462

The affairs of every trust company shall be managed and its corporate powers exercised by a board of directors of such number, not less than seven (7) nor more than twenty (20), as shall from time to time be prescribed in its bylaws. Not less than a majority of the total number of such directors and of each of the three classes thereof as hereinafter provided for shall be bona fide residents of Puerto Rico.The persons named in the organization certificate, or such of them, respectively, as shall become holders of at least one share of such stock, shall constitute the first board of directors, and may add to their number not exceeding the number of twenty (20), and shall severally continue in office until others are elected to fill their respective places. Within six (6) months from the time when such trust company shall commence business, the first board of directors shall classify themselves by lot into three (3) classes as nearly equal as may be. The term of office of the first class shall expire on the third Wednesday of January next following such classification; the term of office of the second class shall expire one (1) year thereafter; and the term of office of the third

ass shall expire on the third Wednesday of January next following such classification; the term of office of the second class shall expire one (1) year thereafter; and the term of office of the third class shall expire two (2) years thereafter; Provided, That all directors whose term of office shall expire as heretofore provided shall nonetheless continue in office until their successors are elected as hereinafter provided. History —Apr. 23, 1928, No. 40, p. 234, § 36, eff. 90 days after Apr. 23, 1928.