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<br />9 <br />4859-6924-4449\6 <br /> <br />Officers, Duties and Organizational Issues <br />The EDA may adopt bylaws and rules of procedure and shall adopt an official seal. (Minn. Stat. § <br />469.096, Subd. 1). <br />Officers <br />An EDA shall elect a president, a vice-president, a treasurer, a secretary, and an assistant treasurer. <br />The Authority shall elect the president, treasurer, and secretary annually. A Commissioner must <br />not serve as president and vice-president at the same time. The other offices may be held by the <br />same Commissioner. The offices of secretary and assistant treasurer need not be held by a <br />Commissioner. At a minimum, there must be three officers on the board. (Minn. Stat. § 469.096, <br />Subd. 2). <br />Duties and Powers of Officers <br />The president and vice-president have the usual duties and powers of their offices. They may be <br />given other duties and powers by the EDA. (Minn. Stat. § 496.096, Subd. 3). <br />The treasurer is responsible for receiving, disbursing and monitoring all funds of the EDA. When <br />disbursing funds, the transaction must be by check only. The treasurer must also keep an account <br />of the source of all receipts, as well as the nature, purpose and authority of all expenditures. The <br />treasurer is responsible for filing a detailed financial statement with the secretary at least once a <br />year at times set by the EDA. Quarterly reports may also be filed. The treasurer is also responsible <br />for the acts of the assistant treasurer. (Minn. Stat. § 469.096, Subd. 4). The assistant treasurer has <br />the powers and duties if the treasurer is absent or disabled. (Minn. Stat. § 469.096, Subd. 5).