(205 ILCS 305/26)
(from Ch. 17, par. 4427)
(1) At their first meeting, the board of directors shall elect from among their own number a chairman of the board
and one or more vice chairmen, a secretary and a treasurer. The directors
shall appoint a chief management official who shall have such title as the directors shall determine. The directors
may also appoint one or more vice presidents.
The chief management official and vice president may, but need not, be directors. Any two
or more offices may be held by the same person, except the chairman of the board may
not also hold the office of vice chairman or secretary.
(2) The officers shall serve for a term of one year, or until their successors
are chosen and have been duly qualified.
(3) The duties of the officers shall be prescribed in the bylaws. Compensation
of officers shall be such as may be established by the directors from time to time.
(Source: P.A. 97-133, eff. 1-1-12.)