1. (a) The board of directors shall appoint a president, secretary, and treasurer.

2. (b) The treasurer shall give a bond:

   1. (1) sufficient in penalties and securities;
   2. (2) payable to the association by its corporate name; and

   3. (3) conditioned for:

      1. (A) the faithful discharge of the treasurer's duties; and
      2. (B) the safekeeping and prompt payment, according to the order of the board of directors, of all money accessible to the treasurer.
3. (c) A majority of the board of directors is a quorum for the transaction of business.

4. (d) Previous notice of any regular or adjourned meeting of the directors is not necessary.

   [Pre-2002 Recodification Citation: 32-10-1-10.]

As added by P.L.2-2002, SEC.11.