1. (a) The trustees shall elect the following officers:

   1. (1) A chairman.
   2. (2) One (1) or more vice chairmen.
   3. (3) A secretary.
   4. (4) A treasurer.
   5. (5) The assistant secretaries, assistant treasurers, and other officers provided for in the bylaws.
2. (b) The treasurer and all assistant treasurers shall give a bond in the penal sum and with securities approved by the trustees before entering upon the duties of office.
3. (c) Fourteen (14) trustees constitute a quorum for the transaction of all official business. The majority of the members present at a meeting determine the action of the board.

As added by P.L.1-1989, SEC.49.