40-37-8. Election of directors--Voting--Terms of office. Each director shall be elected at the district meeting for a term of three years. No more than three directors shall be elected annually. Each sole resident owner of livestock, whether an individual, corporation, or partnership shall be entitled to one vote at the district meeting. All vacancies on the district board shall be filled for unexpired terms by the other directors in office. All members so elected shall hold their offices until their successors have been elected and qualified.