Sec. 10. (a) The board of directors shall appoint a president, secretary, and treasurer. (b) The treasurer shall give a bond: (1) sufficient in penalties and securities; (2) payable to the association by its corporate name; and (3) conditioned for: (A) the faithful discharge of the treasurer's duties; and (B) the safekeeping and prompt payment, according to the order of the board of directors, of all money accessible to the treasurer. (c) A majority of the board of directors is a quorum for the transaction of business. (d) Previous notice of any regular or adjourned meeting of the directors is not necessary. [Pre-2002 Recodification Citation: 32-10-1-10.]
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