section 1761b(2) of this titleAt their first meeting after the annual meeting of the members, the directors shall elect from their number the board officers specified in the bylaws. Only one board officer may be compensated as an officer of the board and the bylaws shall specify such position as well as the specific duties of each of the board officers. The board shall elect from their number a financial officer who shall give adequate fidelity coverage in accordance with .
June 26, 1934, ch. 750 Pub. L. 86–354, § 173 Stat. 632 Pub. L. 88–150, § 277 Stat. 270 Pub. L. 91–206, § 2(1)84 Stat. 49 Pub. L. 91–468, § 1(2)84 Stat. 994 Pub. L. 95–630, title V, § 502(b)92 Stat. 3681 Pub. L. 97–320, title V, § 52196 Stat. 1531 Pub. L. 100–86, title VII, § 704(a)101 Stat. 652 (, title I, § 112, formerly § 13, as added , , ; amended , , ; , , ; renumbered title I, § 112, , , ; amended , , ; , , ; , , .)
Editorial Notes
Prior Provisions
act June 26, 1934, ch. 750 48 Stat. 1219 section 1761(b) of this titlePub. L. 86–354Provisions similar to those comprising this section were contained in section 11(b) of , (formerly classified to ), prior to the amendment and renumbering of act , by .
Amendments
Pub. L. 100–861987— inserted third sentence and struck out former third sentence which read as follows: “The board shall elect from their number a financial officer who shall give bond with good and sufficient surety, in an amount and character to be determined by the board of directors in compliance with regulations prescribed from time to time by the Board conditioned upon the faithful performance of the officer’s trust.”
Pub. L. 97–3201982— substituted provisions relating to the officers of the board for provisions which read: “At their first meeting after the annual meeting of the members, the directors shall elect from their number a president, one or more vice presidents, a secretary, and a treasurer, who shall be the executive officers of the corporation. No executive officer, except the treasurer, shall be compensated as such. The offices of secretary and treasurer may be held by the same person. The duties of the officers shall be as determined by the bylaws. Before the treasurer shall enter upon his duties he shall give bond with good and sufficient surety, in an amount and character to be determined by the board of directors in compliance with regulations prescribed from time to time by the Board, conditioned upon the faithful performance of his trust.”
Pub. L. 95–6301978— substituted “Board” for “Administrator”.
Pub. L. 91–2061970— substituted “Administrator” for “Director”.
Pub. L. 88–1501963— struck out “, except that the treasurer shall be the general manager of the corporation” after “bylaws” in fourth sentence.
Statutory Notes and Related Subsidiaries
Effective Date of 1978 Amendment
Pub. L. 95–630section 509 of Pub. L. 95–630section 1752 of this titleAmendment by effective on expiration of 120 days after , and transitional provisions, see , set out as a note under .