Section 5: Vice chairman, secretary and treasurer of board of directors; duties; bond
152 words·~1 min read·
/ma/part-iii/title-i/chapter-221a/5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 5. The directors shall annually elect one of their members as vice chairman and shall designate a secretary and treasurer who need not be members of the board. The secretary shall keep a record of the proceedings of the corporation and shall be custodian of all books, documents, and papers filed with the corporation and its official seal. The secretary shall cause copies to be made of all minutes and other records and documents of the corporation and shall certify that such copies are true copies and all persons dealing with the corporation may rely on such certification.
All officers and employees of the corporation having access to its cash or negotiable securities shall give bond to the corporation, at its expense, in such amount and with such surety as the board may prescribe. The persons required to give bond may be included in one or more blanket or scheduled bonds.