(1) The legal voters of every new Class I school district, when assembled pursuant to legal notice, shall elect by ballot from the legal voters of such district a president for a term of three years, a secretary for a term of two years, and a treasurer for a term of one year. At the next annual school meeting of the district and regularly thereafter, their successors shall be elected for terms of three years each. All officers elected shall hold their offices until their successors are elected or appointed and qualified.
(2) Officers of existing organized Class I districts, as referred to in subsection (1) of this section, shall continue and discharge the duties of their offices until the expiration of their terms. Their successors shall be elected for terms of three years.
(3) In any Class I district which is not within any city or village containing one hundred fifty or more children who are five through twenty years of age, candidates for the school board shall be nominated by petition of at least twenty-five legal voters of the district, which petition shall be filed with the secretary of the school board not less than fifteen days prior to the date of the annual school meeting. Legal voters at such meeting and election may cast their ballots, written or printed, between the hours of 12 noon and 8 p.m. of such date. Each year two members shall be elected for terms of three years and until their successors have been elected and qualified. The terms of members of the school board in such a district shall begin on the second Monday of September, and on such date the members of the board shall elect a president, a treasurer, and a secretary from their own number. Each such officer shall serve for a term of one year or until his or her successor is elected and qualified.
(4) The president, secretary, and treasurer of a district referred to in subsection (3) of this section shall (a) conduct the election or cause the election to be conducted and (b) record the names and residences of persons voting and seal, preserve, and deliver the ballots to be publicly opened and canvassed as the first order of business at the convening of the annual meeting at 8 p.m. of such day.
(5) Elections conducted pursuant to this section shall come under the jurisdiction of the Secretary of State to decide disputed points of law as provided in section 32-201.