There shall be a president of the company, who shall be a director, also a secretary and a treasurer, all of whom shall be chosen by the directors or trustees; provided, that only 1 of the above named offices shall be held by the same person at the same time. Subordinate officers may be appointed by the directors or trustees, and all such officers may be required to give such security for the faithful performance of the duties of their offices as the directors or trustees may require.
(Mar. 3, 1901, 31 Stat. 1308, ch. 854, § 737.)
Prior Codifications1981 Ed., § 26-425.
1973 Ed., § 26-325.