(1) Subject to subsection (2) the directors of a society shall be elected for a term of 3 years, but a person shall not serve as a director of a society for more than 2 consecutive terms or an aggregate of 6 years.
(2) A director who has served as a director for 2 consecutive terms or for an aggregate period of 6 years as a director and is therefore not qualified to hold office under subsection (1), is eligible for re-election as a director at the expiration of one year after leaving office as director.
(3) After the commencement of this Act, the boards of all societies shall resign at their next annual general meeting and new boards shall be elected on a rotational basis as follows—
(a) at least 1/3 of the directors to serve for 1 year,
(b) at least 1/3 of the directors to serve for 2 years,
(c) the remainder of the directors to serve for 3 years,
thereafter, each elected director shall serve for a term of 3 years.