17-5502.   Powers of board of directors.In furtherance and not in limitation of the powers hereinbeforeconferred, the board of directors is expressly authorized: (a) Byresolution approved by a majority of the entire board of directors, toappoint and remove members of an executive committee, composed of thepresident and two or more additional directors, which committee shall haveand exercise the powers of the board of directors when it is not insession. (b) To limit from time to time the amounts which may be acceptedby the association as payments on shares. (c) To exercise any and all thepowers of the association not expressly reserved by the certificate ofincorporation to the members.

      History:   L. 1943, ch. 133, § 80; July 1.