The local officers designated as members of the board of finance shall meet after the first Monday and on or before the last day of January for the following reasons: 1. To elect a president and secretary. [IC 5-13-7-6] 2. To receive and review the investment officer's report on investments, which is required under IC 5-13-7-7 and to review the overall investment policy of the library. [IC 5-13-7-7]