Section 7
SEC. 7. Election of Board of Directors—Election of chairman and vice-chairman of the Board—Who may not be elected member of the Board of Directors.—Annually on the first Tuesday after the first Monday in March, the stockholders shall meet to elect the members of the Board of Directors for the current year, each stockholder or Proxy to be entitled to as many votes as he may have shares of stock, registered in his name on the thirty-first of January last preceding and held by him at the time of the election. Immediately after the election, the directorate shall organize as such and elect from amongst themselves a chairman and a vice-chairman, which latter shall assist the chairman and act in his stead in case of absence or incapacity. In case of incapacity or absence both the chairman and vice-chairman, the Board of Directors shall designate a temporary chairman from among its members: Provided, That no director, shareholder or employee of any other bank shall be eligible as member of the Board of Directors of the Bank.