(a) The board of directors shall elect from their number a president and one (1) or more vice presidents. (b) (1) They shall also elect a secretary and treasurer, who need not be directors, and they may combine the two (2) latter offices and designate the combined office as secretary-treasurer. (2) (A) 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. (B) 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. Acts 1921, No. 116, § 13; Pope's Dig., § 2298; A.S.A. 1947, § 77-913. (a) The board of directors shall elect from their number a president and one (1) or more vice presidents. (b) (1) They shall also elect a secretary and treasurer, who need not be directors, and they may combine the two (2) latter offices and designate the combined office as secretary-treasurer. (2) (A) 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. (B) 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. Acts 1921, No. 116, § 13; Pope's Dig., § 2298; A.S.A. 1947, § 77-913. (a) The board of directors shall elect from their number a president and one (1) or more vice presidents. (b) (1) They shall also elect a secretary and treasurer, who need not be directors, and they may combine the two (2) latter offices and designate the combined office as secretary-treasurer. (2) (A) 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. (B) 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. Acts 1921, No. 116, § 13; Pope's Dig., § 2298; A.S.A. 1947, § 77-913. (a) The board of directors shall elect from their number a president and one (1) or more vice presidents. (b) (1) They shall also elect a secretary and treasurer, who need not be directors, and they may combine the two (2) latter offices and designate the combined office as secretary-treasurer. (2) (A) 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. (B) 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. (1) They shall also elect a secretary and treasurer, who need not be directors, and they may combine the two (2) latter offices and designate the combined office as secretary-treasurer. (2) (A) 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. (B) 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. (A) 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. (B) 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. Acts 1921, No. 116, § 13; Pope's Dig., § 2298; A.S.A. 1947, § 77-913.
‹ Prev All Arkansas sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.