17:13-96 - Chairman of board; officers; compensation; bond of officers; duties - New Jersey Statutes

17:13-96.  Chairman of board;  officers;  compensation;  bond of officers; duties
    The board of directors or the members, as provided by the bylaws, shall elect a chairman, who shall be a member of the board, a vice chairman, a secretary, and a treasurer, who shall hold their offices at the pleasure of the board or of the members, as the case may be.  Officers and members of committees may be compensated for their services as provided for in the bylaws.   The commissioner may, at any time, order the compensation reduced if in his  judgment it is excessive.  The board shall require any officer or employee  having custody of or handling funds to give 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.

    The commissioner shall promulgate rules and regulations establishing the duties of directors.

     L.1984, c. 171, s. 18, eff. Oct. 31, 1984.