- (1) At their organization meeting held within thirty days following each annual election, the board of directors shall elect from their own number a chairman of the board, one or more vice chairmen, a secretary, and a treasurer. The offices of secretary and treasurer may be combined. They shall also elect any other officers that are specified in the bylaws.
- (2) The terms of the board officers shall be one year, or until their successors are chosen and have been duly qualified.
- (3) The duties of the officers shall be prescribed in the bylaws.
- (4) The board of directors shall appoint a president to act as the chief executive officer of the credit union and who will manage its operations.
- (5) Notwithstanding any other provision of this act, a credit union may use any titles it chooses for the officials holding the positions described in this article, as long as such titles are not misleading.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.