A.  The commodity producers board shall elect from its members a chair, a secretary-treasurer, and other officers that it considers necessary.

B.  The secretary-treasurer shall execute a corporate surety bond in an amount required by the board.  The bond shall be conditioned on the secretary-treasurer faithfully accounting for all money that comes into the custody of the officer.  The bond shall be filed with the Commissioner.

C.  The board shall fill any vacancy on the board by appointment for the unexpired term.

D.  A majority vote of all members present is necessary for an action of the board to be valid.

E.  Members of the board serve without compensation but are entitled to reimbursement from their commission for reasonable and necessary expenses incurred in the discharge of their duties.

Historical Data

Added by Laws 1999, c. 123, § 16, eff. July 1, 1999.