The American Dairy Association shall have the power and duty to elect a chairman, vice–chairman, secretary, and treasurer who shall be members of the association and such other officers as it may deem advisable, and may adopt orders for the exercise of its powers and the performance of its duties. The association shall cause its officers to be adequately bonded for the faithful performance of their duties and the strict accounting for all funds of the association. The association may promulgate rules pursuant to chapter 1-26 concerning:

(1) Declaratory rulings;

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(2) Reporting requirements;

(3) Assessments and collection procedures; and

(4) Refunds and refund procedures.

Source: SL 1951, ch 5, § 3; SL 1955, ch 4, § 3; SL 1957, ch 5, § 3; SDC Supp 1960, §§ 4.2203(1), 4.2208; SL 1986, ch 326, § 90.