35-20-208. Trustees to manage — quorum — officers — bond of treasurer. (1) The affairs and property of the association must be managed by the trustees, a majority of whom is a quorum for the transaction of business.

(2)The trustees shall annually appoint from among their number a president, vice president, secretary, and treasurer who shall hold their offices at the pleasure of the board of trustees. The trustees may require the treasurer to give security for the faithful performance of the duties of that office.