12. The directors are elected at the annual meeting or appointed for a term of 1 or 2 years. Where the term is 2 years, the term of a number of directors, the nearest number to half, elected at the first meeting or appointed by each signatory, is 1 year. The number of directors with a 1-year term is determined by a draw.
R.R.Q., 1981, c. S-2.1, r. 1, s. 12.