(a) At the first regularly scheduled meeting of the entire governing body at which a quorum is present following the organizational meeting and thereafter following each annual meeting, but in no event more than 30 days after such organizational meeting or annual meeting of the members, as applicable, the directors shall elect from their own number a chairperson of the governing body, and one or more vice chairpersons, a treasurer, and a secretary. Only the treasurer and the secretary may be the same individual.

(b) Unless sooner removed, the terms of the officers shall be one year, or until their successors are chosen and have duly qualified.

(c) The duties of the officers shall be prescribed in the bylaws.

(d) The governing body shall appoint a person to act as the chief executive officer of the credit union and to be in charge of its operations.

(e) A credit union may use any titles it chooses for the officials holding the positions described in this section, provided such titles are not misleading.

(f) Any person elected to fill a vacancy caused by death, resignation, or removal of an officer shall be appointed by the governing body to serve for the unexpired term of such office until his or her successor is duly elected and qualified. (Added 2005, No. 16, § 1, eff. July 1, 2005.)