OFFICERS, DIRECTORS AND SHAREHOLDERS. Subchapter. Bylaws are only used as regulations among the shareholders, directors, and officers of the corporation and do not affect contracts or other dealings with other.Appoint Initial Directors. The initial directors serve on the board until the annual meeting of shareholders (when directors are elected to the board). Although directors must be at least 18 years old, they do not have to live in Pennsylvania or be shareholders of the corporation. Directors need not be residents of Pennsylvania or shareholders of the corporation, unless the articles of incorporation or bylaws require. Pennsylvania does not have a provision specifying where directors must reside. Section 1721 - Board of directors (a) General rule.