Section 296:3 Directors; President.
The directors, to be chosen annually by the stockholders, shall not be less than 3, unless otherwise authorized by the charter, and one of them at least shall be an actual resident of this state, if the corporation has any stockholders residing in the state. They shall hold office for one year and until others are chosen and qualified in their stead, and one of them shall be chosen president by the corporation or by the directors, as the charter or bylaws may prescribe.
Source. RS 141:3. CS 149:3. GS 134:4. 1874, 25:1. GL 147:3; 148:4. PS 149:4. PL 227:3. RL 276:3.