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SECTION 4. It shall be the duty of the board of trustees to prepare modes and plans for the safe and <br /> profitable investment of the appropriated funds of the association, and whenever loans or investments <br /> are made, to investigate and pass upon the securities offered and to attend to the drawing and execution <br /> of the necessary papers. The board shall order an audit of the books and accounts of the secretary and <br /> the treasurer annually, according to the law, and shall submit a written report of the condition of the <br /> association to the members at the annual, meeting. <br /> SECTION 5. The investment of the funds of the association shall be in the exclusive control of the <br /> board of trustees, in accordance with the state statutes. <br /> SECTION 6. The members of the board shall act as trustees with a fiduciary obligation to the members <br /> of the association, to the City of Elk River and the State of Minnesota. <br /> ARTICLE III <br /> DUTIES OF OFFICERS <br /> SECTION 1. It shall be the duty of the President to attend and to preside at all meeting of the <br /> association and the board of trustees. The president shall enforce the observance of all the Articles of <br /> Incorporation and the bylaws and see that the officers properly perform the duties assigned to them. <br /> The president shall sign all checks issued by the treasurer and all other papers, which require his <br /> signature. The president shall be a member of all committees except the aid committee and he shall <br /> exercise careful supervision over the affairs of the association. The shall receive a salary as may be <br /> fixed from time to time by the board of trustees, subject to approval of the association, and payable <br /> from the special fund of the association. <br /> SECTION 2. It shall be the duty of the Vice President to perform the duties of the President in his <br /> absence. In absences of both President and Vice President, it shall be the duty of the association to <br /> elect a President Pro Tem, who shall perform the duties incident of the office. <br /> SECTION 3. It shall be the duty of the secretary to keep true and accurate record of the proceedings of <br /> all meetings of the association and of the board of trustees. The Secretary shall keep a correct record of <br /> all the amendments, alterations and additions to the Article of Incorporation of the bylaws in a separate <br /> book from the minute books of the association. The Secretary shall cause due notice of all special <br /> meetings of the association and of the board of trustees to be given. The Secretary shall receive all <br /> moneys due the association and pay the same over to the Treasurer, taking a receipt for the same, and <br /> failing to do so, he/she, may be impeached and expelled from the association, he/she shall keep a roll <br /> of membership, with dates of joining, resignation, discharge, leaves of absence, dues and assessments <br /> paid and relief or pensions furnished. <br /> These books shall at all times be open to inspection by the board of trustees. Prior to entering upon <br /> duties of this office, the secretary shall give bond in such amount and with such sureties as may be <br /> required and approved by the board of trustees, condition upon the faithful discharge of his/her trusts <br /> and the full performance of the duties of his/her office. Such bond will be paid for from the special <br /> fund of the association. The secretary shall sign all orders for payment issued to the treasurer, and <br /> jointly with the treasurer, prepare and file all reports and statements required by law. He/she shall <br />