The directors shall elect from their number a chairman or board president. The directors also shall elect a chief operating officer of the association, one or more vice presidents, a secretary and treasurer, none of whom need be directors or members of the association.The board may combine the two (2) latter offices and designate the combined office as secretary-treasurer.The treasurer may be a bank or any depository, and as such shall not be considered as an officer but as a function of the board of directors.In such case the secretary shall perform the usual accounting duties of the treasurer, excepting that the funds shall be deposited only as authorized by the board of directors.