North Carolina General Statutes Chapter 54. Cooperative Organizations § 54-147. Election of officers

The directors shall elect a president, one or more vice-presidents, a secretary and treasurer who need not be directors, and they may combine the offices of secretary and treasurer designating the combined office as secretary-treasurer.  They shall elect from their number a chairman and vice-chairman unless the president and vice-presidents are members of the board.  The board may elect or appoint such additional officers as are necessary and appropriate.  The treasurer may be a bank or any depository, and as such shall not be considered an officer, but as a function of the board of directors.  In such a case the secretary shall perform the usual accounting duties of the treasurer, excepting that the funds shall be deposited only as authorized by the board of directors.