1. The business and affairs of every savings bank must be managed and controlled by a board of not less than five nor more than 25 directors, a majority of which must not be full-time officers of the savings bank. The persons designated in the articles of incorporation are the first directors. 2. Vacancies in the board of directors must be filled by vote of the stockholders at the annual meetings or at a special meeting called for that purpose. The board of directors may fill vacancies occurring on the board, such appointees to serve until the next annual meeting of the stockholders. 3. The board of directors of a savings bank may amend the bylaws of the savings bank.
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