N.J. Stat. § 43:18-3
The first board of trustees, selected as provided in section 43:18-2 of this title, shall serve until the month of January following the incorporation of the association. At such time three members of the association shall be elected as trustees in place of the three selected as provided in said section 43:18-2, by a majority vote of the members of the association 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 each were chosen. Thereafter annually, in the month of January in each year, 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 only one member shall expire in each year. A vacancy occurring in any manner in the board of trustees or in the office of any officer of the corporation shall be filled in the manner provided for in the by-laws, and in the absence of such provision by the board of trustees.
The trustees and officers of the corporation shall give bonds, with a duly authorized surety company as surety thereon, for the faithful performance of their duties in such sum or sums as the corporation's by-laws fix.
N.J.S. § 43:18-3