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The directors shall elect a president, one or more vice-presidents, and a secretary and a treasurer.  These officers need not be directors, or members of the association.  The directors may combine the two latter officers and designate the combined office as that of secretary-treasurer.  The treasurer may be a bank or any depository, and as such shall not be considered as an officer but as an agent of the board of directors.  In such case, the secretary shall perform the usual accounting duties of the treasurer, excepting that the funds shall be deposited only as authorized by the board of directors.  

Renumbered from R.S.1950, §12:363 by Acts 1968, No. 105, §3, eff. Jan. 1, 1969.