(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.