At the time and place fixed by the county auditor for the public meeting as provided in section 23-30-03, the electors residing within the boundaries of the district shall, by approval of a majority of those present, establish election procedures and elect a board of directors of the hospital district. The board of directors shall consist of not less than five residents of the district. The board of directors shall meet as soon after the organizational meeting as possible to elect a president, a vice president, and a secretary-treasurer. All directors and officers must be elected for two years and hold office until their successors have been elected and qualified, except that at the first election the vice president must be elected as provided in this section for a one-year term, and one-half, or as close to one-half as possible depending upon the total number of directors, of the directors elected at the first election following July 1, 1975, must be selected by lot in the presence of a majority of such directors to serve one-year terms. All officers shall serve without pay.