Section 1. Except as limited elsewhere in these articles or in the bylaws of the Corporation, the business and affairs of the Corporation shall be vested in and managed and controlled by a board of directors and the officers of the Corporation shall be a president, vice-president, a treasurer and a secretary. The offices of Secretary and Treasurer may be held by the same person.
Section 2. The officers of the Corporation shall be elected, by ballot, by and from the members of the board of directors at such times and for such terms of office as shall be provided in the bylaws of the Corporation.
Section 3. The number of directors of the Corporation shall be nine (9). Beginning with the year 1949, the directors of the Cooperative shall be divided into three classes each consisting of three members. The terms of office of the directors of the first class elected at the annual meeting in 1949 shall expire at the next succeeding annual meeting. The terms of office of the directors of the second class elected at the annual meeting in 1949 shall expire at the second succeeding annual meeting and the terms of office of the directors of the third class elected at the annual meeting in 1949 shall expire at the third succeeding annual meeting. At each annual meeting thereafter, directors shall be elected by ballot, by and from the members, to succeed those directors whose terms of office shall have expired, to serve for a period of three years and until their successors shall have been elected and shall have qualified.
Section 4. The bylaws shall make provision for the removal of directors and the filling of vacancies so created. Bylaws may also provide for division of the territory served by the Corporation into voting districts, and for the election of directors directly by such voting districts, or by a body of delegates elected by such voting districts.
Section 5. The directors, as such, shall not receive any compensation for their services, but the bylaws may provide for reimbursement for reasonable expenses incurred in connection with the performance of their duties.