Proposed election process
The members of the Board of Directors shall be appointed by the General Assembly and may be removed at any time by the General Assembly.
For both cases, a two-thirds (2/3) majority vote of the present or represented members is required.
The vote to appoint or remove Directors shall be by the Schulze method (a Condorcet voting method), unless any present or represented member objects.
The Board of Directors shall elect from its members a President, a Treasurer and a Secretary and such other officers as it deems appropriate for the proper operation of the Association.
An appointed office is valid for a renewable term of 1 year.
Explanation, background research
This text is based on the Drupal Association Statutes (Article 18, Appointment), portions of texts from the Drupal Association elections, discussions found on the drupal.org website, and personal reading.
See e.g. http://drupal.org/node/203039 for more information on the Drupal Association elections.
There's an interesting discussion about the election process, starting at http://drupal.org/node/203039#comment-674344.
Voting systems
The field of voting theory is vast; some voting systems can be complex or difficult to implement; but we should keep in mind that majority rule systems can produce results not supported by a majority.
Thus I propose using another voting system.
Schulze system
The Schulze system is a Condorcet method that selects a single winner using votes that express preferences.
If there is a candidate who is preferred pairwise over the other candidates, when compared in turn with each of the others, the Schulze method guarantees that candidate will win.
The primary advantage of the Schulze method is that it has been extensively analyzed and has been shown to meet many favorable criteria.
The Schulze system is currently the most widespread Condorcet method. Furthermore, it is starting to receive support in some public organizations, and is used by several open source groups to determine general policy decisions and to elect officers: Debian, FSFE, Gentoo, Ubuntu, Wikimedia, etc.
Note: there are many software implementations of the Schulze method available.