272.450 Officers. 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 (2) latter offices and designa te the combined office as secretary -treasurer; or unite both functions and titles in one (1) person. The treasurer may be a bank or any depository, and as such shall not be considered as an officer, but as a function 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 and where authorized by the board of directors. History: Created 1942 Ky. Acts ch. 88, sec. 11.
Kentucky Legal Code