Sec. 3. (a) The officers of a memorial corporation must include the following:

(1) President.

(2) Vice president.

(3) Secretary.

(4) Treasurer.

(5) Three (3) trustees.

(b) All officers serve without pay except the secretary, whose compensation shall be fixed by a majority of the trustees.

(c) The offices of secretary and treasurer may be held by the same person.

(d) The term of each officer is for one (1) year and until the officer's successor is elected and qualified.

(e) The treasurer shall give bond in a sum double the amount of all money and securities that may come into the possession of the treasurer. The amount of the bond must be approved by the trustees.

(f) Each officer must be elected by a majority vote cast by the owners of the stock. A vote may not be cast by proxy or by an agent of the owner. Elections shall be held at 2 p.m. on the first Tuesday of April of each year at the office of the secretary. However, an election may be held at another convenient place if the election is designated in a notice signed by not less than two (2) trustees and published at least one (1) week before the election in the weekly newspaper printed and published nearest to the place of the election.

(g) A special election may be held for all vacant offices if a notice is signed by all the trustees and the notice is published at least one (1) week before the election in a weekly newspaper printed and published nearest to the place of the election. The notice must specify the time and place of the election and all the officer vacancies that can be filled.

(h) The books of the memorial corporation shall be kept at the office of the secretary.

[Pre-2003 Recodification Citation: 10-7-12-3.]

As added by P.L.2-2003, SEC.9.