85-9-402. Officers and meetings. (1) The directors shall select from among themselves a presiding officer, vice presiding officer, secretary, and other necessary officers. The directors shall adopt bylaws and rules for the conduct of meetings. All official acts of the directors must be entered in a book of minutes to be kept by the secretary.

(2) The directors shall establish times for regular meetings and may hold special meetings upon the call of the presiding officer or any two members and, except in case of emergency, upon at least 3 days' notice of the time, place, and purpose of the meeting.