N.J. Stat. § 48:5-5: Directors and officers

A board of at least five directors of every company organized under this article shall be chosen annually by the stockholders, when, where, and as shall be provided by the by-laws and shall hold office for one year, and until others are chosen and qualified in their stead. The other officers of the company shall be selected and chosen and shall hold office as provided by the by-laws.