Time and form of election
94In the absence of other provisions in that behalf in the letters patent or by-laws of the company,
(a)
the election of directors shall take place yearly, and all the directors then in office shall retire, but, if otherwise qualified, they are eligible for re-election,
(b)
every election of directors is by ballot,
(c)
the directors have power to fill any vacancy occurring in the board,
(d)
the directors shall elect from among themselves a president and, if they see fit, a vice-president of the company and may also appoint all other officers thereof.