SPIRO T. AGNEW, Governor                      1375

(d)    [An] The association may provide a fair remuneration for
the time actually spent by its officers and directors in its service.

(e)    No director, during the term of his office, shall be a party to
a contract for profit with the association differing in any way from
the business relations accorded regular members or holders of com-
mon stock of the association.

(f)    When a vacancy on the board of directors occurs, other than
by expiration of term, the remaining members of the board, by a
majority vote, shall fill the vacancy, [unless] provided that where
the by-laws provide for an election of directors by districts, the re-
placement shall represent the district for which the vacancy has
occurred. [In such case the board of directors shall immediately
call a special meeting of the members or stockholders in that district
to fill the vacancy.]

361.    Meetings.

(a)    Every association shall hold each year, on the date and at
such time as may be provided in, or fixed by the board of directors
within such period (not exceeding thirty-one days in length) as may
be specified in, the by-laws, an annual meeting of the members or
stockholders for the election of directors and the transaction of any
business within the powers of the association.

(b)    [In its by-laws each association shall] The by-laws may
provide for one or more regular meetings annually in addition to that
prescribed in subsection (a).

(c)    The board of directors shall have the right to call a special
meeting at any time [, and].

(d)    [t]Ten per cent of the members or stockholders may file a
petition stating [the] specific business to be brought before the
association at any meeting and may demand a special meeting at any
time [. Such]; and such meeting must thereupon be called by the
board of directors.

(e)    Notice of all meetings [,] shall be mailed to each member at
least ten days prior to the meetings, and in case a special meeting is
called, said notice shall be accompanied by a statement of the pur-
poses [therein] thereof.

362.    Officers in General.

[The directors shall elect from their number annually a president
and one or more vice-presidents. They shall also elect a secretary
and a treasurer, who need not be directors and they may combine
the two latter offices and designate the combined office as secretary-
treasurer.] (a) Every association shall have as officers a president, a
vice-president, a secretary, and a treasurer, and may have such
other officers as are provided for in the by-laws. The president and
vice-president shall be selected from among the directors. Any
two or more offices, except those of president and vice-president,
may, unless prohibited by the by-laws, be held by the same person,
but no person shall execute, acknowledge, or verify any instrument
in more than one capacity if such instrument is required by law, the
charter, or the by-laws to be executed, acknowledged or verified by
two or more officers.