19. The term of each member of the board of directors commences at the termination of the annual general meeting immediately following his appointment or at which he is elected, as the case may be.
The term of each member of the board is two years. However, the term of one-half of the members elected upon the establishment of the first board is one year; the members whose term is one year shall be determined by a drawing of lots at the first meeting of the board.