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equal to at least ten percent (10%) of the assets of the Association; however, the amount of the bond need not exceed $500,000.00. ,Jointly with the Secretary, the Treasurer shall prepare and file all reports and statements required by law. The treasurer shall receive such a salary as the Board of Trustees shall from time to time fix subject to the approval of the Association. The Treasurer shall have other duties as assigned from time to time by the Board of Trustees. Article VI -Board of Trustees Section 6.1. The Board of Trustees shall consist of six (6) members elected by the membership -President, Vice President, Secretary, Treasurer, and two (2) Trustees -and three (3) ex-officio members consisting of the Fire Department Chief, Mayor and Finance Director. Section 6.2. Two Board members shall be elected for one (1) year terms at each annual meeting of the Association. A vacancy on the Board may be filled by the remaining Board members at any regular, or special meeting, shall hold office only until the next special or annual meeting of the Association membership when the successor shall be elected by the membership for the remainder of the term. • Section 6.3. Compensation. As compensation for services to the Association by the President, Secretary and Treasurer, the membership may at the Annual Association meeting authorize payment of an aggregate salary expense payable from the Special Fund to these officers. The Board shall then apportion that aggregate authorized amount to reflect the services respectively rendered by those officers during the prior yeax. All other Board members can receive a nominal fixed payment from the General Fund for each Board meeting attended. The amount shall be recommend by the Board to the membership and approved by the membership at their Annual Association meeting. Administrative expenses incurred by the Board members in fulfilling their administrative responsibilities shall be paid from the Special Fund. Article VII -Investments Section 7.1. Prudent Person. The Board of Trustees shall discharge their duties in good faith and with that diligence and care which an ordinarily prudent person would exercise under similar circumstances. Section 7.2. Investment Duties. It shall be the duty of the Board of Trustees to prepare modes and plans for the safe and profitable investment of the unappropriated funds of the • Association and whenever investments are made, to investigate and pass upon the 9 43