47-10-11.   Directors--Number and term of office. The corporate powers of any business development credit corporation shall be exercised by a board of directors. The number of directors and their term of office shall be determined in a manner prescribed in the bylaws. At no time shall there be less than five directors. The initial board of directors shall consist of the incorporators and they shall serve until the first annual meeting.

Source: SL 1957, ch 314, § 4; SDC Supp 1960, § 55.6004.

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