(a) The board shall elect a president, a vice president, and a secretary-treasurer following the issuance of a charter and after each annual meeting of the membership or shareholders. At the meeting, each member or stockholder may be allowed only one vote regardless of the number of memberships or stock certificates held by the person.
(b) The board may require a bond of an officer for faithful performance of the officer’s duties.

Terms Used In Texas Water Code 67.006

  • 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: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
  • Year: means 12 consecutive months. See Texas Government Code 311.005

(c) The salary of an officer of the corporation other than secretary-treasurer or a manager employed under § 67.012 may not exceed $5,000 a year. The board shall set the secretary-treasurer’s salary at an amount commensurate with the secretary-treasurer’s duties.

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