§132.  Election of officers

The board of directors shall elect a president, a secretary, a treasurer and one or more vice-presidents, and may elect or select any other officers, assistant officers and agents as are authorized in the articles or by-laws; provided that if the articles or by-laws so stipulate, the above named officers or agents may be elected by the members or stockholders of the association or their duly authorized and qualified representatives or delegates.  The articles or by-laws may prescribe special qualifications for any officer.  Unless otherwise provided in the articles or by-laws, only members of the board of directors shall be eligible for election as president or vice-president.  The offices of secretary and treasurer may be combined and designated as secretary-treasurer.  The treasurer may be a bank or any depository, and as such shall not be considered as an officer but as a functionary of the board of directors.  In such case the secretary shall perform the usual accounting duties of the treasurer, excepting that the funds shall be deposited only as authorized by the board of directors.

Amended by Acts 1966, No. 88, §1.