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Section 5. Treasurer. The Treasurer shall have the care and custody of all funds of the <br />Authority and shall deposit the same in the name of the Authority in such bank or banks as the Board may <br />select. The Treasurer and Assistant Treasurer shall sign all orders and checks for the payment of money <br />and shall pay out and disburse such moneys under the direction of the Board. The Treasurer shall keep <br />regular books of accounts showing receipts and expenditures and shall render to the Board, at least <br />annually (or more often when requested), an account of such transactions and also of the financial <br />condition of the Authority. The Treasurer shall post a bond as required by Minnesota Statutes, Section <br />469.096, Subdivision 6. The Assistant Treasurer shall act as the Treasurer's agent and assistant to perform <br />the above -described duties, subject to the Treasurer's approval thereof. <br />Section 6. AdditionaI Duties. The officers of the Authority shall perform such other <br />duties and functions as may from time to time be required by the Board or the bylaws or rules and <br />regulations of the Authority. <br />Section 7. Vacancies. Should the office of President, Vice -President, Treasurer, <br />Assistant Treasurer or Secretary become vacant, the Board shall elect a successor at the next regular <br />meeting, or at a special meeting called for such purpose, and such election shall be for the unexpired term <br />of said officer. <br />Section 8. Additional Personnel. The Board may from time to time employ such <br />personnel as it deems necessary to exercise its powers, duties, and functions. The selection and <br />compensation of such personnel shall be determined by the Board. <br />ARTICLE III — MEETINGS <br />Section 1. Regular Meetings. The regular meetings of the Board shall occur according <br />to a meeting schedule, if any, adopted or revised from thne to time by resolution of the Board. <br />Section 2. Special Meetings. Special meetings of the Board may be called by the <br />President or any two members of the Board for the purpose of transacting any business designated in the <br />call. The call for a special meeting may be delivered at any time prior to the time of the proposed meeting <br />to each member of the Board or may be mailed to the business or home address of each member of the <br />Board at least two (2) days prior to the date of such special meeting. At such special meeting no business <br />shall be considered other than as designated in the call, but if at least four members of the Board are <br />present at a special meeting, any and all business may be transacted at such special meeting. Notice of any <br />special meeting shall be posted and/or published as may be required by law. <br />Section 3. OU0rum. The powers of the Authority shall be vested in the Board. Three <br />Commissioners shall constitute a quorum for the purpose of conducting the business and exercising the <br />powers of the Authority and for all other purposes, but a smaller number may adjourn from time to time <br />until a quorum is obtained. When a quorum is in attendance, action may be taken by the Board upon a <br />vote of a majority of the Commissioners present. <br />