§ 70504. Governing body

• (a)
  • (1) The board of directors is the governing body of the corporation. The board may exercise, or provide for the exercise of, the powers of the corporation.
  • (2) The board shall consist of 12 individuals elected, and subject to removal at any time, by a majority vote of the members of the corporation. The term of office of an elected director is 6 years. A vacancy on the board shall be filled by a majority vote of the members of the corporation.
  • (3) The board shall meet at least annually. Each director has one vote on each matter decided by the board. The board may delegate its powers to a prudential committee subject to the direction of, and reporting to, the board.
  • (4) The president of the corporation is the chairman of the board and of the prudential committee.
• (b)
  • (1) The officers of the corporation are a president, a vice president, a secretary, a treasurer, a historian, and other officers provided for in the bylaws. The powers of the officers are as provided in the bylaws.
  • (2) The officers shall be elected by the board of directors at its annual meeting. The term of office of an officer is 1 year.