Section 472-G. Board of directors

The property and concerns of the
  corporation shall be managed by a board of not over twenty-five and  not
  less  than ten directors, who shall receive no compensation.  The number
  of directors to be chosen within the maximum and minimum limit shall  be
  determined  in  the  manner prescribed by the by-laws.  At least four in
  number of the directors shall be elected annually on the  first  day  of
  May  of each year, but they shall hold office until their successors are
  elected.  The board of directors in  office  on  April  first,  nineteen
  hundred  forty-nine,  is  continued in office until their successors are
  chosen.