(a) The board of directors shall elect a president, one (1) or more vice presidents, a secretary, and a treasurer, and they may combine the two (2) latter officers and designate the combined office as secretary-treasurer.
(b)
(1) 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.
(2) 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.
Structure Arkansas Code
Subtitle 1 - General Provisions
Chapter 2 - Agricultural Cooperative Associations
Subchapter 1 - General Provisions
§ 2-2-105. Reasons for organizing
§ 2-2-108. Articles of association
§ 2-2-109. Amendments to articles
§ 2-2-110. Bylaws — Amendment of articles or bylaws
§ 2-2-111. Regular and special meetings
§ 2-2-114. Certificates of membership or stock
§ 2-2-115. Matters referred to membership
§ 2-2-116. Marketing contracts — Participation agreements
§ 2-2-117. Remedies for breach of bylaws or contracts
§ 2-2-118. Penalties for inducing breach of contract
§ 2-2-119. General corporation laws
§ 2-2-120. Interest in similar entities
§ 2-2-121. Existing entities may participate
§ 2-2-122. Arrangements not in restraint of trade