Election and tenure.
Section 18
SEC. 18. Election and tenure.—The first members of the Board shall be elected in accordance with the provisions of Section fifteen of this Act, whose terms of office shall be as follows: two at the end of the first year; two at the end of the second year; two at end of the third year; one at the end of the fourth year. Thereafter, the succeeding members of the Board of Directors shall serve the term of four (4) years from the date of their election.