466

In case of failure to elect any director on the day named, the directors whose terms of office do not that year expire may proceed to elect a number of directors equal to the number in the class whose term that year expires or such number as may have failed of re-election. The persons so elected, together with the directors whose terms of office shall not that year expire shall constitute the board until another election shall be held according to law. Vacancies occurring in the intervals of elections shall be filled by the board of directors for the balance of the unexpired term. History —Apr. 23, 1928, No. 40, p. 234, § 40, eff. 90 days after Apr. 23, 1928.