KRS 299.340: Directors and officers -- Election -- Term of office -- Powers of directors --

Quorum -- Bonds.

Every municipal company shall have not less than five (5) directors, and every county or

county and municipal company shall have not less than eleven (11). The directors shall be

chosen from and by the members of the company, at the regular meeting of the company

prescribed in the bylaws. They shall hold office for one (1) year, or such longer term, not

exceeding four (4) years, as the bylaws may prescribe, and until others are elected and

qualified. They may be divided into classes and a portion only elected each year. They

shall choose by ballot a president and secretary and such other officers as the bylaws

prescribe, who shall hold their offices for not l ess than one (1) nor more than four (4)

years, or as may be prescribed in the bylaws. The board of directors shall exercise the

corporate powers, and transact the business of the company in accordance with the

bylaws. The bylaws shall prescribe the number of directors to constitute a quorum, and

may provide for an executive committee for such purposes as may be necessary, and shall

require the officers to give bond, with good security, in such amounts as the nature of

their duties and powers may require. No nresidents owning property insured in the

company shall not be eligible to hold office in the company.