The term of office of such additional members as are herein provided for, and of all other elective members, shall begin on the first day of July, in the year in which they are respectively elected or appointed; and the said board of trustees is hereby authorized and empowered to make and alter, from time to time, such rules and regulations for the election of all alumni members thereof as it shall deem necessary and expedient for carrying out the purpose of this act.
24 P.S. § 2537