17-1510.   Management of association; directors and officers.Every such association shall be managed by a board of not less than fivedirectors. The directors shall be elected by and from the stockholders ofthe association or from stockholders of co-operative societies who areresidents of this state and own stock in such association except one whomay be a resident of an adjoining state at such times and for such term ofoffice as the bylaws may prescribe, and shall hold office for time forwhich elected and until their successors are elected and shall enter uponthe discharge of their duties; but the majority of the stockholders shallhave power at any regular or special stockholders' meeting, legally called,to remove any director or official for cause, and fill the vacancy, andthereupon the director so removed shall cease to be a director of saidassociation: Provided, That prior notice shall have been given to thestockholders of such meeting and the object thereof.

      The officers of every such association shall be: A president, one ormore vice-presidents, a secretary and a treasurer, who shall be electedannually by the directors, and each of said officers must be a director ofthe association, except the secretary who may or may not be a director. Theoffice of secretary and treasurer may be combined; the person filling theoffice shall be secretary-treasurer.

      History:   L. 1913, ch. 137, § 6; L. 1915, ch. 160, § 1; R.S. 1923, 17-1510; L.1941, ch. 179, § 1; June 30.