Section 1. The day-to-day affairs of the Association shall be managed by the Board of Directors consisting of not more than five (5) Directors, elected for two (2) year staggered terms, and an Audit Committee consisting of not more than three (3) members elected for two (2) year terms, by plurality vote at an annual meeting of members held in accordance with Article VI of these bylaws.
Section 2. The Directors, elected in accordance with Section 1, above, will be a President, a Vice-President, Treasurer, Secretary, and Membership Officer.
Section 3. Vacancies of elected posts occurring between elections shall be filled by special election to serve until the next Annual Meeting, at which time a successor will be elected by the membership to fill the unexpired term.
Section 4. The Board of Directors shall have the following authority:
a. Establish and maintain checking and investment accounts at a financial institution selected by the Board of Directors. All members of the Board of Directors may be authorized to sign checks and two signatures shall be required on checks drawn on the Association checking account.
b. Insure that all funds received are deposited within three banking days of receipt.