Section 3. Board of Directors. The governing body of the association shall be a board of directors consisting of the elected officers, the immediate past president of the association, and thirteen (13) elected REALTOR® members in good standing of the association. Directors shall be elected to serve for terms of three (3) years, except that at organization, one-third of the elected directors shall be elected for terms of one (1), two (2), and three (3) years, respectively, or for lesser terms as may be necessary to complete the first fiscal year. Thereafter, as many directors shall be elected each year as are required to fill vacancies. No more than three (3) REALTORS® from the same real estate firm may simultaneously serve on the Board of Directors.