(2) A majority of the members of the board shall constitute a quorum for the transaction of all business at meetings. In the absence of the president another member of the board shall perform the duties of the president.
(3) The secretary provided for in subsection (1) of this section is not required to be a member of the board. The secretary shall execute a bond or furnish an irrevocable letter of credit, as required of board members by ORS 565.210. [Amended by 1953 c.675 §12; 1961 c.684 §2; 1965 c.513 §2; 1967 c.275 §2; 1991 c.331 §85]