State Codes and Statutes
Statutes > North-carolina > Chapter_54 > GS_54-109_40§54‑109.40. Executive officers.
(a) At theirorganization meeting and within 30 days following each annual meeting of themembers, the directors shall elect from their own number an executive officer,who may be designated as chairman of the board or president; a vice‑chairmanof the board or one or more vice‑presidents; a treasurer; and asecretary. The treasurer and the secretary may be the same individual. Thepersons so elected shall be the executive officers of the corporation.
(b) The terms of the officersshall be one year, or until their successors are chosen and have dulyqualified.
(c) The duties of theofficers shall be prescribed in the bylaws.
(d) The board ofdirectors may employ an officer in charge of operations whose title shall beeither president and/or general manager; or, in lieu thereof, the board ofdirectors may designate the treasurer or an assistant treasurer to act asgeneral manager and be in active charge of the affairs of the credit union. (1975,c. 538, s. 1.)
