89. In the absence of other provisions in such behalf in the letters patent or by-laws of the company,—
(1) The election of directors shall take place yearly, and all the directors then in office shall retire, but, if otherwise qualified, they shall be eligible for reelection;
(2) Every election of directors shall be by ballot;
(3) Any vacancy occurring in the board of directors may be filled, for the remainder of the term, by the directors, from among the qualified shareholders of the company;
(4) The directors shall elect from among themselves a president and, if they see fit, a chairman of meetings and one or more vice-presidents of the company, and may also appoint all other officers thereof.