ADMINISTRATION OF THE GOVERNMENT (Chapters 1 through 182)
Domestic stock companies; duties of directors
Section 58. The board of directors shall annually choose by ballot a president, who shall be a member of the board, a secretary, and, if the by-laws so provide, a treasurer, who may also be the president or secretary, and such other officers as the by-laws may provide.
They shall at each annual meeting of the company submit a full statement of the transactions of the company during the previous year and of its financial condition.