(a) The board of directors shall elect from their number a president and one (1) or more vice presidents.
(b)
(1) They shall also elect a secretary and treasurer, who need not be directors, and they may combine the two (2) latter offices and designate the combined office as secretary-treasurer.
(2)
(A) 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.
(B) 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 4 - Marketing Associations
§ 2-2-405. Reasons for organizing
§ 2-2-408. Articles of incorporation
§ 2-2-409. Amendments to articles
§ 2-2-413. Regular and special meetings
§ 2-2-416. Removal of officer or director
§ 2-2-417. Certificates of membership or stock ownership
§ 2-2-418. Matters referred to entire membership
§ 2-2-419. Marketing contracts — Remedies
§ 2-2-420. Penalties for inducing breach of contract
§ 2-2-421. Exchange of shares for acquired interests
§ 2-2-423. Interest in other corporations
§ 2-2-424. Agreements with other associations
§ 2-2-425. Existing entities may participate
§ 2-2-426. Arrangements not in restraint of trade