Section 60. Directors; terms; election; duties

Except as otherwise provided
  in  this  chapter,  the  board  of directors shall be divided, as nearly
  equally as practicable, into three classes. At the first annual meeting,
  the members shall elect from among themselves a director or directors of
  the first class for a term of one year; of the second class for  a  term
  of  two years; and of the third class for a term of three years.  At the
  expiration of the respective terms,  successors  shall  be  elected  for
  terms  of three years. Successor directors of corporations to which this
  chapter applies, which were formed under the stock corporation law prior
  to January first, nineteen hundred fifty-four, need not be members.