N.J. Stat. § 43:19-3
The first board of trustees selected as provided in section 43:19-2 of this title shall serve until the month of January following the incorporation hereunder. At such time three members of the corporation shall be elected to serve as trustees in place of the three selected as provided in said section 43:19-2, by a majority vote of the members of the corporation, as follows: One for the term of one year, one for the term of two years and one for the term of three years, who shall serve for the respective terms for which they were chosen, and thereafter annually in the month of January a member of the board of trustees shall be chosen for a full term of three years to serve in the place of the trustee whose term shall have then expired, so that the term of office of but one member shall expire in each year. If any trustee so elected resigns or dies during the term for which he was elected, the remaining trustees shall select from the members of the association a trustee in the place of and for the unexpired term of such trustee.
N.J.S. § 43:19-3