United States Code

USC most recently checked for updates: Aug 12, 2020

§ 1761a.
Officers of the board

At their first meeting after the annual meeting of the members, the directors shall elect from their number the board officers specified in the bylaws. Only one board officer may be compensated as an officer of the board and the bylaws shall specify such position as well as the specific duties of each of the board officers. The board shall elect from their number a financial officer who shall give adequate fidelity coverage in accordance with section 1761b(2) of this title.

(June 26, 1934, ch. 750, title I, § 112, formerly § 13, as added Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 632; amended Pub. L. 88–150, § 2, Oct. 17, 1963, 77 Stat. 270; Pub. L. 91–206, § 2(1), Mar. 10, 1970, 84 Stat. 49; renumbered title I, § 112, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681; Pub. L. 97–320, title V, § 521, Oct. 15, 1982, 96 Stat. 1531; Pub. L. 100–86, title VII, § 704(a), Aug. 10, 1987, 101 Stat. 652.)
cite as: 12 USC 1761a