(1) The board shall consist of an odd number of directors, at least five in number, to be elected by and from the members. Elections shall be held at the annual meeting or in such other manner as the bylaws provide. All members of the board shall hold office for such terms as the bylaws provide, except that terms shall be staggered so that an approximately equal number expire each year.
(2) At an organization meeting to be held within thirty days following each annual election, the board of directors shall appoint a credit committee which shall consist of an odd number, not less than three, whose terms shall be as the bylaws provide.