Board of directors.
Section 38
SEC. 38. Board of directors.—A co-operative shall be managed by a board of not less than five nor more than fifteen directors elected by the general assembly for a term fixed in the by-laws but not exceeding two years and shall hold office until their successors are elected and have qualified or until removed. The by-laws may provide for a method of allocating- the number of directors among the units of membership into which the co-operative may be divided, and for the election of directors by the respective units to which they are allocated. The procedure for the election of directors, officers and committee members together with the method of calling and holding of the meetings may be prescribed in the regulations.