15. The association shall be managed by a board known as the “board of management”, composed of at least five members.
They shall remain in office during the year immediately following the annual meeting, and until the election of their successors; and the by-laws of the association may prescribe that one-half or one-third of them shall be replaced every year with one more, the first year, if their number is an odd number. They shall be eligible for reelection.
R. S. 1964, c. 294, s. 15.