(a) The offices of treasurer and secretary of the university may be held by persons who are not members of the board of trustees.
(b) It is lawful, however, for the offices of treasurer and secretary to be held by members of the board of trustees, who in such event shall be suitably compensated for their services at the discretion of the board.
(c) The offices of treasurer and secretary may be held by one (1) person if so ordered by the board of trustees.
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