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221.470 FILL VACANCIESIn case a vacancy occurs on the Board of Directors, the remaining members shall fill the vacancy by the appointment of a principal of amember school from the Division in which the vacancy occurs.An appointee to an office must meet the same qualification standards that a person running for the office would be required to meet.Appointees shall serve for the remainder of the unexpired term.1.480 RETIREMENT SYSTEMIt shall be the duty of the Board of Directors to establish a retirement system for its employed administrative officers.1.500 OFFICERS1.510 TITLES OF OFFICERSThe officers of the Board of Directors shall be President, Vice President and Secretary who shall be elected by the Board from among itsmembers. These officers shall serve in similar capacities as officers of the Association and shall perform the duties which regularly devolveupon such officers.1.520 TERM OF OFFICEOfficers shall be elected annually by the Board of Directors at the meeting during which the ballots from the election of members of theBoard of Directors are canvassed and after new members have been seated. Officers shall be eligible to succeed themselves providedthey continue to be members of the Board of Directors.1.530 TREASURERThe Board of Directors shall elect a Treasurer of the Association who shall be a principal of a member school whose term of office shall notexceed three years. The treasurer shall, however, be eligible for successive terms in office. The Treasurer shall receive for deposit all fundsbelonging to this Association; shall pay out money from funds belonging to the Association only upon the order of the Board of Directors and approval by the President; shall furnish a bond, the amount of which shall be determined by the Board of Directors, premium on which shall be paid by the Association; shall keep separate bookkeeping records of all receipts and expenditures relating to each respective activity of the Association; and, shall make a complete financial statement to the Association as of June 30 of each year.The Treasurer’s accounts shall be audited at least annually at the close of each fiscal year by a committee to be composed of the Presidentof the Board of Directors as Chairman, the Chairman of the Legislative Commission and a third high school principal to be chosen by these two. This committee shall employ a certified public accountant who shall make the audit under its supervision. All expenses of the auditshall be paid by the Association.1.600 DUES AND ASSESSMENTS1.610 FISCAL YEARThe fiscal year of the Association shall be from July 1 to June 30.1.620 DUESThe Board of Directors shall have authority to assess annual membership dues to be paid by all schools belonging to the Association.