1.  At the organizational meeting and within 30 days following each annual meeting, the directors shall elect, from their own number, the executive officers of the corporation. The officers must be designated as:

Terms Used In Nevada Revised Statutes 672.420

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039

(a) Chair of the board;

(b) Vice chair of the board;

(c) Treasurer; and

(d) Secretary. The treasurer and secretary may be the same person.

2.  The treasurer or general manager shall give a fidelity bond with good and sufficient surety in an amount and character to be determined by the board in compliance with regulations prescribed by the Commissioner.

3.  Each officer shall serve a term of 1 year or until such time as successors are chosen and have qualified.

4.  The duties of each office must be as prescribed in the bylaws of the credit union.

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