Section 5.1 Number
The officers of the Cooperative shall be a President, Vice-President, Secretary, Treasurer, and such other officers as may be determined by the board of directors from time to time. The offices of Secretary and of Treasurer may be held by the same person.
Section 5.2 Election & Term of Office
The officers shall be elected, by ballot, annually by and from the board of directors at the first meeting of the board of directors held after each annual meeting of the members. If the election of officers shall not be held at such meeting, such election shall be held as soon thereafter as conveniently may be. Each officer shall hold office until the first meeting of the board of directors following the next succeeding annual meeting of the members and/or until his successor shall have qualified, subject to the provisions of these bylaws with the respect to the removal of officers.
Section 5.3 Removal
Any officer or agent elected or appointed by the board of directors may be removed by the board of directors whenever in its judgment the best interest of the Cooperative will be served thereby.
Section 5.4 Vacancies
Except as otherwise provided in these bylaws, a vacancy in any office may be filled by the board of directors for the unexpired portion of the term.
Section 5.5 President
The President shall preside at all meetings of the members and of the board of directors; shall sign, with the Secretary, certificates of membership the issue of which shall have been authorized by resolution of the board of directors, and may sign any deeds, mortgages, deeds of trust, notes, bonds, contracts, or other instruments authorized by the board of directors to be executed, except instruments that the board of directors authorizes to be signed by some other officer or agent of the Cooperative, or shall be required by law to be otherwise signed or executed; and in general shall perform all duties incident to the office of president and such other duties as may be prescribed by the board of directors from time to time.
Section 5.6 Vice-President
In the absence of the President, or in the event of his inability or refusal to act, the vice-president, shall perform the duties of the President, and when acting, shall have all powers of and be subject to all the restrictions upon the President and shall perform such other duties as from time to time may be assigned to him by the board of directors.
Section 5.7 Secretary
The Secretary shall keep the minutes of the meetings of members and the board of directors in one or more books provided for that purpose; see that all notices are duly given in accordance with these bylaws or as required by law; be custodian of the corporate records and of the seal of the Cooperative and see that the seal of the Cooperative is affixed to all certificates of membership prior to the issue thereof and to all documents, the execution of which on behalf of the Cooperative under its seal is duly authorized in accordance with the provisions of these bylaws; keep a register of the post office address of each member which shall be furnished to the Secretary by such member; sign with the President certificates of membership, the issue of which shall have been authorized by resolution of the board of directors; have general charge of the books of the Cooperative in which a record of the members is kept; keep on file at all times a complete copy of the bylaws of the Cooperative containing all amendments thereto, which copy shall always be open to the inspection of any member, and at the expense of the Cooperative forward a copy of the bylaws and of all amendments thereto to each member; and in general perform all duties incident to the office of Secretary and such other duties as from time to time may be assigned to him by the board of directors.
Section 5.8 Treasurer
The Treasurer shall have charge and custody of and be responsible for all funds and securities of the Cooperative; receive and give receipts for moneys due and payable to the Cooperative from any source whatsoever, and deposit all such moneys in the name of the Cooperative in such bank or banks as shall be selected in accordance with the provisions of these bylaws; and in general perform all the duties incident to the office of Treasurer and such other duties as from time to time may be assigned to him by the board of directors.
Section 5.9 Manager
The board of directors may appoint a manager who may be, but who shall not be required to be, a member of the Cooperative. The manager shall perform such duties as the board of directors may from time to time require of him and shall have such authority as the board of directors may from time to time vest in him.
Section 5.10 Insurance
The board of directors shall obtain insurance covering theft of Cooperative property including embezzlement by officers and employees of the Cooperative. The board of directors in its discretion may also require any officer, agent, or employee of the Cooperative to give bond in such amount and with such surety, as it shall determine.
Section 5.11 Reports
The officers of the Cooperative shall submit at each annual meeting of the members reports covering the business of the Cooperative for the previous fiscal year and showing the condition of the Cooperative at the close of such fiscal year.