Sec. 9. (a) The directors shall elect one (1) director to serve as president and one (1) director to serve as secretary.

     (b) The secretary shall also serve as treasurer of the association and have custody of the association’s money. The secretary shall execute a bond, with good freehold surety, for double the amount of money that will probably be received by the secretary at any time during the secretary’s term of office.

     (c) The secretary shall:

(1) keep a record of the transactions of the association, including:

(A) brief minutes of meetings;

(B) the results of elections; and

(C) an itemized account of all receipts and expenditures; and

(2) present a report of the transactions of the association to the members of the association at the annual meeting.

[Pre-2008 Recodification Citation: 15-3-7-9.]

As added by P.L.2-2008, SEC.7. Amended by P.L.9-2022, SEC.21.