Associations organized under section 3919.01 of the Revised Code may provide in their bylaws that there shall be not less than five nor more than fifteen trustees, whose term of office shall be not more than three years. If the term is made more than one year, the bylaws may provide for electing at the first election a part of them for one year, a part for two years, and a part for three years, and thereafter elections shall be for a term of three years. Such associations by their regulations or bylaws may provide for:
(A) The time, place, and manner of calling and conducting their meetings;
(B) The number of members constituting a quorum;
(C) The time of the annual election for trustees and the mode and manner of giving notice thereof;
(D) The duties and compensation of officers;
(E) The manner of election or appointment and the tenure of office of all officers.
The tenure of the trustees shall not be for more than three years, one third of whom may be elected annually.
This section does not affect or impair the powers or franchises of corporations, companies, or associations organized prior to March 31, 1891. Such companies or associations may avail themselves of sections 3919.01, 3919.11, and 3919.12 of the Revised Code by amendment of their articles of incorporation.
Effective Date: 10-01-1953 .