An annual election must be held at the principal office or place of business of the corporation, which must be within this state, upon a day to be fixed by the articles of the corporation, and notice of such election must be given by registered or certified mail at least ten days prior to such date, or by publication in a newspaper published in the county in which the corporation has its principal place of business. At such meeting, the directors must be elected, and in case of a failure to elect on that day or on a day to which such annual meeting may be adjourned, the directors whose regular terms do not then expire shall proceed to elect such number of directors as have failed of election, and any vacancy in the office of director may be filled by the board until the next annual meeting. The board of directors, at its next meeting following the election of directors and after such directors have qualified, shall elect from its number a president, vice president, and such other officers as may be necessary to the transaction of the business of the corporation. The board shall define the powers, authority, and duties of such officers and employees by bylaws or resolutions, fix the conditions, form, and amount of their bonds, and approve the same, but no such officer or employee may enter upon the discharge of the person's duties until such bond has been approved and has been filed with and approved by the commissioner.
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