Alabama § 45-49A-10.03 - Board of Directors.

§ 45-49A-10.03. Board of Directors.

All powers of the corporation shall be exercised by the board of directors or pursuant to its authority. The directors shall be elected by the governing body of the City of Bayou La Batre for staggered terms of office as follows: Two years for the first appointee; three years for the second appointee; four years for the third appointee; five years for the fourth appointee; six years for the fifth appointee; and thereafter the term of office of each director shall be six years. If any director resigns or dies or becomes incapable of acting as a director or ceases to reside in the city or is otherwise disqualified to act, the governing body of the City of Bayou La Batre shall elect a successor to serve for the unexpired term. Directors shall be eligible for reelection to succeed themselves in office. A majority of the members of the board shall constitute a quorum for the transaction of business. The corporation shall have a president, vice president, a secretary, and a treasurer, but the office of secretary and treasurer may be held by the same person. All officers shall be elected by the board and shall be members of the board. The members of the board and the officers shall serve without compensation, except that they may be reimbursed for actual expenses incurred in the performance of their duties. All proceedings of the board shall be reduced to writing by the secretary of the corporation and recorded in a well-bound book. Copies of such proceedings when certified by the secretary of the corporation shall be received in all courts as evidence of the matters and things therein certified. The corporation shall make to the governing body of the City of Bayou La Batre an annual written report of its activities and of its plans for the future which report shall include a financial operating statement and balance sheet prepared by the Department of Examiners of Public Accounts for the State of Alabama or by a certified public accountant.