(a) (1) Except as provided in subsection (b) of this section, the term of each director elected or appointed under § 25-303 of this subtitle is 3 years.

(2) Each director shall serve until a successor is elected or appointed.

(b) A director who is elected or appointed to fill a vacancy caused by death or resignation shall hold the office for the rest of the term and until a successor is elected or appointed.