463

At or before the expiration of the term of the directors of the first class, and annually thereafter, a number of directors shall be elected by the stockholders equal to the number of directors whose terms will then expire, who shall hold their offices for three (3) years, or until their successors are elected, and at such election, the stockholders may fill for the balance of the unexpired term any vacancy which has occurred in the office of any other director and which vacancy has not been filled by the directors of the company. Such election shall be held at the principal place of business of the trust company. Notice of the time and place of holding the stockholders’ meeting for the election of directors and for action upon such other matters as may be brought before such meeting, shall be given by publication thereof at least once in each week for two (2) successive weeks immediately preceding such election in a newspaper, approved by the Secretary of the Treasury of Puerto Rico, published in the place where such election is to be held, and in such other manner as may be prescribed in the bylaws. History —Apr. 23, 1928, No. 40, p. 234, § 37, eff. 90 days after Apr. 23, 1928.