Section 7
SEC. 7. Section thirty-three of Act Numbered Twenty-five hundred and eight, as amended by Acts Numbered Twenty-five hundred and sixty-six and Thirty-seven hundred and forty-four, is hereby further amended to read as follows: "SEC. 33. Thirty days after their election and each year thereafter upon a date to be fixed by the by-laws, the directors shall elect from amongst themselves a president and shall appoint a secretary and other officers as the by laws may prescribe, the treasurer of the municipality where the association is located to act as ex-officio treasurer of the association, with such compensation as may be approved by the board of directors with the approval of the Director of Commerce. The treasurer of the association shall not be eligible for election as member of the Board of Directors or for appointment to any other office in the association. The directors and officers shall perform the duties intrusted to them by law or by the by-laws and the rules and regulations promulgated under the law for the government or the association. The Board of Directors shall hold a meeting at least once a month to act upon the corporate business of the association. A majority of the directors shall constitute a quorum for the transaction of the corporate business of the association, and every resolution of the majority of the quorum duly assembled in a meeting, shall be valid as a corporate act: Provided, That no loan shall be made except by the affirmative vote of at least three members of the board who are entitled to vote thereon, subject to the provision of section eleven of this Act."