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<br />. <br /> <br />section 2. At the first election following the adoption of <br />these bylaws, the two general trustees shall be elected for terms <br />of one year; the President and the Treasurer shall be elected for <br />terms of of two years; and the Vice President and the Secretary <br />shall be elected for terms of three years. Thereafter, as their <br />respective terms of office expire, two officers or general trustees <br />shall be elected for three year terms at each annual meeting. If a <br />vacancy (other than a vacancy caused by removal for cause of an <br />officer or trustee) occurs during the term of office of any officer <br />or general trustee, the remaining members of the board of trustees <br />shall elect a member of the association to serve for the unexpired <br />term of the vacated position. <br /> <br />. <br /> <br />Section 3. A general trustee or officer may be removed for <br />cause. Cause for removal shall include, but not be limited to, the <br />breach of the duties as set forth in Articles II and III of these <br />bylaws. One or more of the trustees or officers may be removed at <br />a meeting of the membership which is called for that purpose by a <br />2/3 vote of those present and voting at such meeting. Noticeof the <br />meeting at which removal is to be considered shall be given to each <br />member and shall include the purpose of the meeting. The general <br />trustee of officer shall be furnished with a statement of the <br />particular charges at least 5 days before the meeting is held. At <br />the meeting, the general trustee or officer shall be given an <br />opportunity to be fully heard as to each charge. If a general <br />trustee or officer is removed, his replacement shall be elected at <br />the same meeting, and such replacement shall serve out the <br />unexpired term of the removed general trustee or officer. <br /> <br />Section 4. It shall be the duty of the board of trustees to <br />prepare modes and plans for the safe and prpfitable investment of <br />the unappropriated funds of the association, and whenever loans or <br />investments are made, to investigate and pass upon the securities <br />offered and to attend to the drawing and execution of the necessary <br />papers. The board shall order an audit of the books and accounts of <br />the secretary and the treasurer annually, according to law, and <br />shall submit a written report of the condition of the association <br />to the members at the annual meeting. <br /> <br />Section 5. The investment of the funds of the association <br />shall be in the exclusive control of the board of trustees, in <br />conformance with the state statutes. <br /> <br />Section 6. The members of the board shall act as trustees with <br />a fiduciary obligation to the members of the association, to the <br />city of Elk River and to the state of Minnesota. <br /> <br />. <br /> <br />2 <br />