Subdivision 1. Board of directors and officers.
Every company so formed shall choose of
their number not less than five, nor more than nine, directors to manage the affairs of the company,
who shall hold their office for such period as may be fixed by the bylaws of the company not
exceeding three years and until their successors are elected and have qualified; and these directors
shall choose one of their number president, one vice-president, and one secretary; they shall
choose a treasurer, who may or may not be a member of the board, but shall be a member of
the company. The articles of incorporation of the company may provide that the president, the
vice-president, the secretary, and the treasurer may be chosen by the direct vote of the members at
the annual meeting. In this case, the election of these persons as president, vice-president, and
secretary shall constitute them members of the board of directors and the remaining members of
the board shall be elected as provided in subdivision 1.
Subd. 2. Officers, bond.
The officers and employees of the company shall give bond to the
company in such sum as the directors shall determine.
Subd. 3. Investments.
The directors may authorize the treasurer to loan on first real estate
securities such sums of money on hand as they may determine, or to deposit any or all sums of
money on hand in such banks as they may designate.
History: 1967 c 395 art 8 s 29; 1975 c 15 s 20; 1986 c 444