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The directors shall elect from their number a president and one or more vice presidents.  They shall also elect a secretary and a treasurer, who need not be directors or members of the association, and they may combine the two latter offices and designate the combined office as secretary-treasurer.  The treasurer may be a bank or any depository, and as such shall not be considered as an officer but as a functionary 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.

Amended by Acts 1952, No. 127, §1.