(a) Except as hereinafter provided, the members of the Board of Governors shall be elected for a term of two years commencing with the adjournment of the next annual meeting in the year of their election and expiring with the adjournment of the annual meeting in the year in which their respective terms expire. All members who are otherwise qualified shall be eligible for reelection.

(b) Members who hold the office of President-elect or Vice President on July 1st of the year in which their terms expire need not run for reelection but may continue to serve as representatives from their respective districts for as long as they hold either the office of President, President-elect, or Vice-President.

(c) A new district representative shall be elected to fill the district representative position vacated at the expiration of the President's term of office. This new representative shall be elected for a term of one year or two years so as to conform to the schedule of terms set forth in Rules 7.03 and 7.15.

(d) Of the initial members elected under Rule 7.03(d), the Board shall establish the terms so that the terms of all such members do not expire at the same time, that such members are elected as soon as possible, and that the terms of their successors shall be coordinated with the terms of the other members of the Board of Governors.