The Board of Governors, in each year, not less than two weeks prior to the summer meeting of the Board of Governors, shall appoint a Nominating Committee of not less than three members. At the summer meeting, the Nominating Committee shall report to the Board of Governors (i) its nominees for Graduate Governors who shall be elected each year to fill any expiring terms, (ii) its nominees for any vacancies in the Board of Governors that have taken place since the last election, and (iii) any nominees for Life Governors. At the summer meeting each year, the names of such nominees shall be submitted to the Board of Governors for a vote.
The candidates receiving a favorable vote of the Board shall thereupon become members of the Board of Governors for the terms for which they have respectively been elected. Their service shall commence on September 1. The Chairman shall advise the new members of the Board of Governors of said elections and at the next succeeding meeting of the Board, the names of the Governors so elected shall be noted in the minutes of said meeting.
The Graduate Governors of the Board of Governors shall be elected for terms of three years, and shall serve until their successors have been elected and qualified. Any vacancy occurring among the Graduate Governors shall be filled for the unexpired term by the vote of a majority of the remaining members of the Board of Governors. Any member of the Board may be reelected.