A purebred livestock registry association shall be managed by a board of not less than six nor more than fifteen directors to be elected by and from the stockholders of the association at such time and for such terms as the said bylaws may prescribe and to hold office for the time for which they are elected and said bylaws shall provide for the election of one - third of the said directors for succeeding terms in annual, biennial, triennial succession so that the board of directors may operate as a continuing body or board. All directors shall hold office until their successors are elected and have entered upon the discharge of their duties.
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