The Chairperson and Board of Trustees shall meet at the regular meeting of the Board in December in each election year, and the outgoing officers and outgoing members of the Board of Trustees shall present their reports, and upon the outgoing Board having completed its business, the outgoing Trustees shall surrender their offices to the incoming Trustees, and the outgoing officers shall thereupon each surrender to his or her successor in office all property, records, papers and moneys belonging to the same.
(Neb. Rev. Stat. § 17-204) (Prior Code, § 1-512)