Board of trustees; officers; bonds; quorum; majority rule

Sec. 5. (a) The trustees shall elect the following officers: (1) A chairman. (2) One (1) or more vice chairmen. (3) A secretary. (4) A treasurer. (5) The assistant secretaries, assistant treasurers, and other officers provided for in the bylaws. (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. (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.