Sec. 10. (a) The board of directors shall appoint a president, secretary, and treasurer.
(b) The treasurer shall give a bond:
(1) sufficient in penalties and securities;
(2) payable to the association by its corporate name; and
(3) conditioned for:
(A) the faithful discharge of the treasurer's duties; and
(B) the safekeeping and prompt payment, according to the order of the board of directors, of all money accessible to the treasurer.
(c) A majority of the board of directors is a quorum for the transaction of business.
(d) Previous notice of any regular or adjourned meeting of the directors is not necessary.