Sec. 27. (a) The officers of an association must consist of a president, one (1) or more vice presidents, a secretary, a treasurer, and other officers that may be prescribed by the bylaws. Each officer shall be elected or appointed by the board of directors at the time, in the manner, and for the terms as the bylaws provide, subject to the following conditions:

(1) The president and one (1) vice president must be members of the board of directors.

(2) A vice president who is not a director may not succeed to or fill the office of president.

     (b) Except for the offices of the president and secretary, any two (2) or more offices may be held by the same individual.

     (c) The treasurer may be a bank or depository. If the treasurer is a bank or depository:

(1) the treasurer is considered to be a function of the board of directors but not an officer of the board of directors; and

(2) the secretary shall perform the usual accounting duties of the treasurer.

However, the funds of the association must be deposited only as and where authorized by the board of directors.

     (d) The bylaws may provide for the election of the president and one (1) vice president by the members or their delegates at the annual meeting of the members.

[Pre-2008 Recodification Citation: 15-7-1-12.]

As added by P.L.2-2008, SEC.3.