The Directors shall have the following powers and duties:
(1) to conduct, manage and control the affairs and business of the Copra Fund, including the establishing of the price to be paid to producers, and to make rules and regulations for the guidance of the officers and management of its affairs;
(2) to appoint and remove, at its pleasure, all officers, agents and employees of the Copra Fund, prescribe their duties, fix their compensation, and require from them, if advisable, security for faithful service;
(3) to make and enter into agreements for the sale, marketing, or consignment of copra:
(4) to select one or more banks to act as the depository of the funds of the Copra Fund and to determine the manner of receiving, depositing and disbursing of funds and the form of checks and the person or persons by whom the same shall be signed, with the power to change such banks and the person or persons signing the checks and the form thereof at will;
(5) to keep a complete record of all its acts and the proceedings of its meetings, and to prepare annually a full statement showing in detail the conditions of the affairs of the Copra Fund;
(6) to supervise all officers, agents and employees and see that their duties are properly performed:
(7) to install such a system of bookkeeping and auditing that each producer may know and be advised fully from time to time concerning the receipts and disbursements of the Copra Fund.History: 1962, PL 7-24.