Section 440.327 - First board of directors; how first terms computed; oath; terms; vacancy(1) At the election for the first board of directors, five directors shall be elected. Their terms shall commence on the 30th day after the election. The terms of the candidates for the first board of directors who receive the first and second highest number of votes expire June 30 next following the second regular district election. The terms of the candidates who receive the third, fourth and fifth highest votes expire June 30 next following the first regular district election.(2) Not later than the 10th day after the issuance of the order of formation, the directors of the first board shall take and subscribe an oath of office and then meet and organize.(3) Except as provided in subsection (1) of this section, the term of a director is four years.(4) The board of directors shall fill any vacancy on the board as provided in ORS 198.320.