Until successors are elected and qualify, the board of directors of a savings bank consists of the individuals named as directors in the articles of incorporation. Except as provided in paragraph (2) of this subsection, at each annual meeting of the members of a savings bank or the stockholders of a subsidiary savings bank, the members or stockholders shall elect directors to hold office until the next annual meeting and until their successors are elected and qualify. Subject to subparagraphs (ii) and (iii) of this paragraph, if the directors are divided into classes, the term of office may be provided in the bylaws. The term of office of a director may not be longer than 5 years or, in the case of an initial or substitute director, shorter than the period between annual meetings. The term of office of at least one class of directors shall expire each year.