- (a) At their organization meeting held within thirty days following each annual election, the credit union's board of directors shall elect from their own number a chairman of the board, one or more vice chairmen, a treasurer and a secretary. The office of secretary and treasurer may, if the bylaws so provide, be held by one person. They shall also elect any other officials that are specified in the bylaws.
- (b) The terms of the officers shall be one year, or until their successors are chosen and have been duly qualified.
- (c) The duties of the officers shall be prescribed in the bylaws.
- (d) The credit union's board of directors shall appoint a president to act as the chief executive officer of the credit union and be in active charge of its operations.
- (e) Notwithstanding any other provision of this chapter, a credit union may use any titles it chooses for the officials holding the positions described in this chapter, as long as such titles are not misleading.