If a vacancy occurs in the office of the President and there remains an unexpired portion of the term of at least 28 months and the vacancy occurs at least 130 days before the general municipal election next scheduled under the general election law, the vacancy shall be filled at that general municipal election. The Village Board shall elect one of its members as “Acting President” who shall perform the duties and shall possess all the rights and powers of the President until a successor to fill the vacancy has been elected and has qualified.
(65 ILCS 5/3.1-10-50) (2009 Code, § 1-2-42)