(1) As soon as practicable after the election and appointment of the directors to the board of directors, the directors shall meet to qualify all individuals elected or appointed as directors by administering an oath of office and to elect the officers of the board of directors. (2) The directors shall elect from their number a chair and vice chair. Such officers have the authority and duties granted them by the board of directors. (3) The board of directors shall meet at times and places that the board of directors considers necessary or convenient. (4) A majority of the directors shall constitute a quorum for the transaction of business.
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